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SMITHSONIAN INSTITUTION    1467

the District.

(b) that after a census taken by this agreed-upon method is available, a further study be entered into concerning a satisfactory method for the appropriation of funds both for capital improvements and cost of operating the National Zoological Park

(c) that, since this study will require some time, the present method of making appropriations for the National Zoological Park be continued for the fiscal year 1960.

Consideration was again given, as noted above, to the urgent need for the erection of additions to the Natural History Building at an estimated cost of $18,810,000.

Further consideration was also given to the planning of the new National Air Museum Building. It was noted that the staff of the Smithsonian is continuing its study of plans for the Building so that a firm estimate of appropriation for formal, architectural planning can be submitted to the Bureau of the Budget and the Congress for consideration in the 1961 Budget.

A further informal report was given by the Secretary concerning the actions of the President's National Armed Forces Museum Committee.

The Secretary also reported that the Smithsonian Art Commission has requested that the Board of Regents appoint a committee to consider the advisability of creating a new Smithsonian bureau to be called the National Portrait Gallery so that detailed plans may be ready when the old Patent Office Building is transferred to the Smithsonian Institution as provided in Public Law 85-357.

A careful consideration was given by the Committee to the investment portfolio of the Smithsonian Institution. This review was introduced by Mr. James F. Lawrence and Mr. George S. Johnston, partners in the firm of Scudder, Stevens & Clark, investment counselors of the Smithsonian Institution. Material summarizing the state of the investment portfolio of the Institution was presented, and the detailed make-up of the portfolio was considered. As Chairman of the Committee, and because of my responsibility for the evaluation of all recommendations made by Scudder, Stevens & Clark I explained to the members of the Executive Committee the detailed procedures that had been carried out in connection with Smithsonian investments during the preceding months. The Chief Justice and other members participated in an active discussion of the problems related to the portfolio of the Institution. I have placed on the table graphs showing the changes in market value of the Freer Fund and Consolidated Fund since 1945.

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