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SMITHSONIAN INSTITUTION    1520

REPORT OF THE EXECUTIVE COMMITTEE

Dr. Robert V. Fleming, Chairman of the Executive Committee, read his report aloud. On motion by Mr. Cannon, seconded by Mr. Bow and Mr. Brooks, and carried it was

VOTED that the Report of the Executive Committee be approved and entered in the minutes of the present meeting; and that the Board of Regents requests the present Chairman of the Executive Committee to continue to serve in that capacity.

Dr. Compton asked that the thanks of the Board of Regents for his efficient operation of the funds of the Institution be extended to the Chairman of the Executive Committee. Mr. Cannon stated that the members of the Board of Regents appreciated the fact that they were very fortunate in having the services, absolutely free, of one of the greatest financiers of this country.

The report is as follows:

The Annual Report of the Secretary of the Smithsonian Institution for the fiscal year ending June 30, 1960, which you have had for some days includes a report of the actions of the Executive Committee during the year covered. This report deals with the financial and other operations of the Smithsonian Institution and records the state of the investments and the income from the private funds of the Institution from July 1, 1959 to June 30, 1960.

At this time, as has been customary, I am glad to review certain matters that are supplemental to this report, and also to comment upon activities that have taken place during the first half of the present fiscal year, that is, from July 1 to December 31, 1960.

May I take the opportunity to express my appreciation to the other members of the Executive Committee for their willingness to work with me on the problems of the Smithsonian Institution. They have been very helpful in considering the many detailed actions that must be taken in connection with the management of the investments of the Institution. I have also been in touch with the Secretary in regard to the investment portfolio of the Institution. Several letters and telephone conversations are often required to transact this work. This official correspondence is supplemented by personal conferences with the Secretary in regard to the business of the Institution.

There has been one formal meeting of the Executive Committee during the year. At the invitation of the Chancellor this meeting was held in the Chambers of the Chief Justice, 

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