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I I - 4 - the AUC Management Program was a duplication of the Ford Foundation's efforts in the United Arab Republic. Dr. Bartlett replied that the Ford Foundation undertaking was principally for short courses rather than a degree program and that the need in this field was so great that there was no risk of duplication and, in any case, the AUC effort was being closely coordinated with the Ford Foundation effort in the field. Report on the Pound Fund Mr. Barco said he hesitated to report further on ~he pound fund since his reports of late had had such a tone of optimism. The current outlook was even more optimistic though he cautioned that any number of factors could upset the whole proposal either temporarily or perman­ently. He reviewed the meeting that he, Dr. Bartlett and Mr. Crary had had with Mr. Gaud, The Administrator of AID, and subsequently his and Mr. Thoron's series of meetings with Mr. Christie, General Counsel, of the Agency. He reported on the drafting efforts currently under way on the proposal in AID, and the outlook with regard to the position of the Comptroller General and the Bureau of the Budget on legal ques­tions. He expressed the hope, based on current progress, that the end of February would see a completely structured proposal cleared by the Administration. Dr. Bartlett said that he had proposed to discuss the university's pound situation in connection with the presentation of the revised budget but that it seemed appropriate to emphasize at this point that, because the University had in the past been drawing down its grants more and more in advance, thereby covering the loss of expenditure