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SMITHSONIAN INSTITUTION  1583

ANNUAL REPORT OF THE SECRETARY

The Secretary submitted his annual report for the fiscal year ending June 30, 1962, including the Financial Report of the Executive Committee, in printed form. Copies of this report were on the table and had been distributed to the members of the Board on January 9, 1963. On motion by Dr. Brown, seconded by Dr. Haskins, and carried it was

VOTED that the Board of Regents accepts the Report of the Secretary for 1962 as distributed on January 9, 1963.

REPORT OF THE EXECUTIVE COMMITTEE

Before Dr. Fleming presented his report the Secretary pointed out that duplicate copies of this report were in the portfolio before each member. Dr. Fleming stated that he considered this a desirable procedure. Dr. Fleming gave the background of this report, reviewing the events in 1962 from the May 28 stock market break through the Cuban situation and stating the market had recovered all but about 12%. He stressed that although the securities of the Smithsonian are in a good position they were not in the position of December 29, 1961. He indicated that the present market was higher than in December, 1962. Dr. Fleming further stated that one cannot tell what is going to happen in this troubled world, illustrating this by referring to dock strikes and newspaper strikes. He said that a great many economists and statisticians prior to the Cuban situation had predicted a decline in first six months of 1963. They are now concluding that there will be nothing dramatic, but a steady trend upward.

The report is as follows:

REPORT OF THE CHAIRMAN OF THE EXECUTIVE COMMITTEE OF THE BOARD OF REGENTS OF THE SMITHSONIAN INSTITUTION AT THE ANNUAL MEETING OF THE REGENTS, JANUARY 24, 1963

The Report of the Secretary of the Smithsonian Institution for the fiscal year ending June 30, 1962 has been in your hands for some days. This report, as is customary, includes a record of the actions of the Executive Committee during the period covered. The operations of the Smithsonian Institution, including the financial transactions of the Institution and the records of the state of the investments and income from the private funds of the Institution from July 1, 1961 to June 30, 1962, are presented in this report.

As has been customary it is my privilege at this time to review matters that may be considered as supplemental to this report, and also to comment on activities that have taken place during the first part of the present fiscal year, that is, from July 1 to December 31, 1962.

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