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SMITHSONIAN INSTITUTION           1392

If it is the will of the Board of Regents I will be pleased to continue in my present capacity to take the responsibility of passing upon recommendations for investment made by Scudder, Stevens and Clark. I will use my best judgment but I wish to state that I do not consider myself infallible.

Respectfully submitted,
/s/ Robert V. Fleming
Chairman

After a constructive discussion of the report by Congressman Cannon and others, on motion duly made, seconded and carried, it was

VOTED that the Report of the Executive Committee be accepted with an expression of deep gratitude to its Chairman.

RESOLUTION ON INCOME AND EXPENDITURE

On motion duly made, seconded and carried, it was

VOTED that the income of the Institution for the fiscal year ending June 30, 1955, together with such allotments from the unobligated funds as are needed to meet necessary expenses, be appropriated for the service of the Institution, to be expanded by the Secretary, with the advice of the Executive Committee, with full discretion on the part of the Secretary as to items.

INFORMAL REPORTS BY THE SECRETARY ON VARIOUS MATTERS

The Secretary stated, in order to save time, a number of items would be presented briefly for information.

He reviewed the history of Bureau of Budget actions related to the Smithsonian and appropriations and other legislation relating to the Institution since the last meeting. The following items were noted: July 23, 1953, reappointment of Mr. Robert V. Fleming, as Citizen Regent from the District of Columbia for six years. October 5, 1953, appointment of Governor Earl Warren of California as Chief Justice of the United States, and ex officio, as Regent of the Smithsonian Institution. December 18, 1953, transmission to