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The Science and Industry Committee originally arose out of a recommendation made by the Economics Section of the British Association for the Advancement of Science at the annual meeting in Belfast 1952. The committee was reconstituted in April 1954 under the joint sponsorship of the RSA, the British Association for the Advancement of Science and the Nuffield Foundation. The Committee's work was financed by grants from the Board of Trade and from the Department of Scientific and Industrial Research, under the Conditional Aid scheme for the use of counterpart funds derived from United States economic aid.