UA-R-GC-1914-01-01-1977-10-26_Page-005

-5- and the first year~s production of aluminum is sold out in advance. The Chairman of the U.S.-Egypt Business Council, Mr. David Scott, and other members who were present for the dedication were highly impressed. Mr . Hedlund spent considerable time with Mr. Dater walking the two sites in Zamalek which the Fund has purchased. He believes both the sites are good and that, given the present real estate situation in Cairo, these investments could prove highly profitable. Mr. ,O'Connor reported on a meeting held the previous week at which r~r. ~1cCl oy made hi s report on the Fund. The report stressed that significant improvements have been made in the past year and that the present management is doing a good job. Mr. McCloy recommended tightening up administrative procedures in several areas: more timely and standard­ized expense reporting, recording of business contacts, and development of investment criteria and of a manual of office procedures were cited. Management Extension Services - In the absence of Dr. Stevens, Dr. Lamont reported on the program. He noted that leases had been signed for substantial facilities on Malta against expected contracts with the Libyan government. These contracts currently have not materialized although Dr. Stevens is hopeful that the programs will begin in several months. Assuming this does occur, the Malta operation will be profitable If they do not, the potential loss is $110,000. It was noted that the hostilities between Libya and Egypt and the resulting Libyan draft are largely responsible for the delay. Programs with other clients, including ARAMCO, are going well and are profitable. Dollar Endowment - ~·1r. Hedlund reported that the Dollar Endowment under the stewardship of Brown Brothers Harriman & Co. is doing well. Thei