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SMITHSONIAN INSTITUTION    1421

the Smithsonian Institution reaffirms its belief that from the standpoint of the convenience of visitors to all of the Smithsonian museums and adequacy as to size, the selected site for the National Air Museum on the south side of Independence Avenue from 9th to 12th Streets is the only fully satisfactory site now known to the Institution, and that having considered the suggested alternative site on the south side of Independence Avenue bridging 7th and 9th Streets, it is believed that it would be inadequate and functionally unworkable, but nevertheless the Smithsonian, recognizing its continuing responsibility to the visiting public and to a coherent plan for the Nation's Capital, will continue to consider alternate sites for the National Air Museum subject to the approval of the National Capital Planning Commission.

With the concurrence of the Chancellor in the letter just referred to it was indicated that the Smithsonian Institution would be interested in an official expression of opinion by the Planning Commission as to whether or not a site bounded by Independence Avenue, 4th, 7th and C Streets, N.W. could be made available to the Smithsonian Institution for such a building. If this site is to be available it will require authorization for the closing of certain streets.

Not a few references have appeared in Washington newspapers relating to the location of this proposed aircraft building. I am confident, however, that the Smithsonian Institution has made the point clear that its present studies indicate the desirability of a site on the south side of Independence Avenue from 9th to 12th Streets. It has been emphasized, however, that the Institution is anxious to cooperate in a positive and constructive way with all official agencies concerned in the development of the National Capital. Certainly every effort has been made to make it clear that the Smithsonian Institution does not wish to hold a point of view that could be interpreted as impeding true progress in the eradication of the undesirable housing conditions which now exist in portions of the southwest area of the city.

At the meeting of the Executive Committee held on December 12 the question of recommending new Citizen Regents was considered. With the resignation of Dr. Bush, to which I have alluded, there are now three vacancies on the Board. After careful consideration it was unanimously voted to suggest nominations for the filling of vacancies on the Board of Regents to the full Board at its annual meeting. This matter has been considered at its proper place on the agenda of the present meeting.

Peat, Marwick, Mitchell & Co., a nationally known firm of auditors, made the annual audit of the Institution's accounts. Its report is part of the printed statement to which reference has just been made. The complete statement of the auditors is on the table for examination.

It may be appropriate here to review the procedure by means of which the investments of the Smithsonian Institution are managed. During the year recommendations concerning changes in the investment portfolio of the Institution come to me as Chairman of the Executive and Permanent Committees from Scudder, Stevens & Clark, investment counsel of the Smithsonian. Copies of these recommendations are also sent directly to the Secretary of the Institution. Under my personal direction and supervision these recommendations, as received, are checked on the basis of information available in the Trust Department of the Riggs National Bank. My decision is then made

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