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SMITHSONIAN INSTITUTION    1464

As has been customary, I am glad at this time to review certain matters that are supplemental to this printed report, and especially to emphasize activities that have taken place during the first half of the present fiscal year, that is, since the period covered by the formal report.

May I at this time express my gratitude to the other members of the Executive Committee for their willingness to work with me on the problems of the Smithsonian Institution and especially in considering the many detailed actions that must be taken in the management of the investments of the Institution.

I have been in touch with Secretary by letter in regard to the management of the investment portfolio of the Institution, and I have had many personal conferences with him in regard to the business of the Smithsonian.

Two formal meetings of the Executive Committee have been held during the year. Both of these were in the Chambers of the Chief Justice.

At the meeting of June 18, 1958 the vote taken at the last annual meeting of the Board of Regents on January 17, 1958, concerning the budget of the Institution, was considered. This vote read as follows: "that an annual statement of nonpublic, unrestricted funds other than Government funds be submitted to the Executive Committee for its approval and report to the Board of Regents." Pursuant to this vote a budget for the fiscal year 1959 was considered in detail, and it was
    
VOTED that the Executive Committee approves the budget of the Smithsonian Institution for the fiscal year 1959, and transmits it, as approved to the Board of Regents at the next annual meeting.

Details of this budget of nonpublic funds will be given to this meeting under a later item.


The secretary reported that unusual conditions have arisen making available to the Freer Gallery of Art certain unique objects of art for purchase. It was noted that all objects of art selected by Gallery are passed upon not only by our own experts in the Gallery, but also by the Commission of Fine Arts and often by other consultants. The donor of the Freer Fund directed that among other purposes the income of the Fund he established should be used for the purchase of such objects. On motion duly made, seconded and carried, it was

VOTED that the expenditure be authorized from accumulated Freer income of a sum, not to exceed $100,000, for the purchase of Oriental objects of art.

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