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SMITHSONIAN INSTITUTION 1432 as architects of the new Museum of History and Technology of the Smithsonian Institution. In this connection it may be noted that the Joint Committee on Construction of a Building for Museum of History and Technology for the Smithsonian Institution held three meetings under the chairmanship of our fellow Regent, Senator Clinton P. Anderson. In addition to the Congressional Regents who are all members of this committee the following Senators and Congressmen are also members: Senator Edward Martin Senator Stuart Symington Mr. Laurence Curtis Mr. Robert E. Jones, Jr. In my report last year matters relating to the selection of a site for the National Air Museum were discussed. No final decision on this important subject has yet been made. The National Capital Planning Commission has voted that the site originally proposed for this museum on the south side of Independence Avenue from 9th to 12th Streets cannot be assigned to the Smithsonian. This commission has also tentatively decided that the closing of the streets required to make available the site bounded by Independence Avenue, 4th, 7th and C Streets, N.W. cannot now be authorized. The Commission, however, is still actively considering the possibility of other sites that may be recommended to the Regents as suitable for the National Air Museum of the Smithsonian Institution. This matter will be considered further under a separate item of the agenda for this meeting. As Chairman of the Executive Committee I have been informally consulted by certain government officials concerning the possibility that the Smithsonian Institution might be interested in taking over the old Patent Office Building now occupied as an office building by the United States Civil Service Commission. It is suggested that this structure might be used as a National Portrait Gallery and house temporarily the collections of our bureau, The National Collection of Fine Arts. A consideration of this important matter will also be called for under a separate item in the agenda for this meeting. Peat, Marwick, Mitchell & Co., a nationally recognized firm of auditors, has made the annual audit of the Institution's accounts. This report is part of the printed statement before you to which reference has just been made. Copies of the typed and signed audit are here for examination. It may be appropriate at this time to review the procedure by means of which the investments of the Smithsonian Institution are managed. During the year recommendations for changes in the portfolio of investments of the Institution come to me as Chairman of the Executive Committee of the Permanent Committee of the Institution. These proposals for change originate with Scudder, Stevens & Clark, investment counsel of the Institution. Copies of these recommendations are also sent to the Secretary of the Institution. I give these recommendations my personal attention. I also check these proposals on the basis of information available in the Trust Department of the Riggs National Bank. My decision is then made as to the appropriate action to be taken on each recommendation. Before such action is implemented it is approved in writing by members of the Permanent Committee. During the year, hardly a week passes and sometimes hardly a day has closed on which an official communication has not been prepared by me in
Transcription Notes:
Reviewed
