UA-R-GC-1914-01-01-1973-05-16_Page-007

, . • t -7- folio do hereby express to Frederick B. Payne, Jr., former Chairman of the Board, their deepest appreciation and admir­ation. 8. Egyptian Pound Endowment Fund - Report President Thoron reported that a number of prospective invest-ments are currently being considered. Under such prospective ventures the I University, through the Societe en Commandite Simple which was established for such purposes, would supply local currency to non-Egyptian enterprises for the purpose of undertaking new operations in Egypt. The University and the Societe would not be involved in the operation or management of any such ventures, but would restric.t : their participation to the supplying of capital. The President noted that negotiations with several prospective investment partners were proceeding much more rapidly than earlier envisioned and that prospects look bright. He recalled that AID has made LE 3,000,000 available for initial "pilot" investments and that the entire remainder of the Egyptian Pound Endowment Fund ( LE 17,000,000 ) is theoretically avail-able for investment. He reminded the Trustess that it will be necessary to increase the Fund if it is to generate sufficient income to meet the University's yearly operating expenses. 9. Mobil Oil Loan - Report President Thoron reported that in accordance with the Board's earlier resolution, LE 50,000 had been paid to Mobil Oil Egypt against back interest due, and that the University had simultaneously made known to Mobil the Trustees' opposition to paying "interest on interest." President Thoron noted .that Mobil was unreceptive to this expression of reluctance. 10. Arthur Anderson - Proposal to Appoint as University Auditors The proposal to shift from Peat, Marwick, Mitchell & Company t