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SMITHSONIAN INSTITUTION   1585

Following this presentation of general economic conditions the Committee concluded that the percentage of common stocks in the total portfolio was approximately correct. After this discussion Mr. Johnston withdrew from the meeting.

The Secretary then presented a brief history of the public and nonpublic funds of the Institution during recent years. On the basis of this presentation the proposed nonpublic funds budget for the fiscal year 1964 was considered. In this connection it was noted that at the meeting of the Board of Regents held on January 17, 1958 it was VOTED 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. After detailed consideration of the 1964 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 1964 and approves this budget and directs that it be reported to the Board of Regents at the next annual meeting.

The Secretary gave a report on the present status of the building for the Museum of History and Technology. He also discussed the progress of the construction of wings for the Natural History Building and the planning of alterations in the Old Patent Office Building, which is to become the basic gallery of the National Collection of Fine Arts and of the new National Portrait Gallery of the Smithsonian Institution. In addition, the Secretary described discussions with the staff of the Bureau of the Budget concerning the request, authorized by the Regents, for planning funds for the new National Air Museum.

The time of the opening and the ceremonies at the opening of the new Museum of History and Technology Building were discussed. The Secretary was authorized to present to the Board of Regents at its annual meeting a statement concerning these matters. These topics will be considered under separate headings in the docket of the present meeting.

As Chairman of the Executive Committee I call notice to the fact that Peat, Marwick, Mitchell & Company, a nationally known firm of auditors, has completed the annual audit of the Institution's accounts. This report is incorporated in the 1962 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.

It may be appropriate at this time to review in general terms the procedures by means of which the invested funds 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 of the Smithsonian Institution. 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

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