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SMITHSONIAN INSTITUTION   1551

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. After detailed consideration of the 1963 budget, it was

VOTED that pursuant to the vote of the Board of Regents January 17, 1958 the Executive Committee considered the nonpublic funds budget of the Smithsonian Institution for the fiscal year 1963 and approves this budget and directs that it be reported to the Board of Regents at the next annual meeting.

A consideration of this recommendation was a special item of the agenda of this meeting.

The Secretary gave a report on the status of the building of the new Museum of History and Technology. This topic was considered in some detail and will be discussed at a later time in the agenda of the present meeting.

The Secretary also reported that the construction of the east wing of the Natural History Building is ahead of schedule. He also gave brief reports on the other projects including the renovation of exhibits of the Smithsonian Institution.

The Committee referred to the vote of the Board of Regents, passed at the meeting of May 19, 1961, in reference to the Textile Museum. This vote is as follows:

"VOTED that the Board of Regents approves in principle discussions between Regents and officials of the Smithsonian Institution and Trustees and officials of the Textile Museum of Washington, D.C. with respect to possible terms and conditions of a possible transfer of the collections and other assets of the Textile Museum to the Regents of the Smithsonian Institution; and the Board of Regents further directs that the Executive Committee and the Secretary of the Smithsonian, after studying the question of the possible acquisition of the Textile Museum by the Smithsonian Institution, make recommendations concerning this matter to the Board."

It was proposed the Secretary suggest to the Regents that, after consideration of the Textile Museum matter, the Board might wish to authorize the Executive Committee to proceed with further negotiations concerning the possible transfer of the Textile Museum to the Smithsonian Institution and the conditions of such a possible transfer.

As Chairman of the Executive Committee I call notice to the fact that Peat, Marwick, Mitchell & Co., a nationally known firm of auditors, has completed the annual audit of the Institution's accounts. This report is incorporated in the 1961 Report of the Secretary that has been in your hands for some days. Copies of the typed and signed audit are also on the table for examination.

As I have done for a number of years at this meeting, I am happy again to review at this time the procedures by means of which investments of the Smithsonian Institution are managed. During the current year, as in former years, recommendations for changes in the portfolio of the Smithsonian Institution come to me as Chairman of the Executive Committee and Permanent Committee of the Smithsonian. The recommendations concerning changes ordinarily originate with the investment counselors, Scudder, Stevens & Clark. Copies of their proposals come from their office to me and copies are also sent to the Secretary of the Institution. Each such recommendation receives my personal consideration and my approval or disapproval. I also ask my associates in the Trust Department of the Riggs National Bank to check these proposals on the basis of the detailed sources of

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