The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-04-02
WORST PART OF
SLUMP is OVER,
SLOAN REPORTS
Business Gain Is Visible,
Says President of
General Motors.
Continued From Page One)

t2bAAAAaAuNA ADAAA 4 HNE OAArI
over to japanese big business. We
took it for the rank and file Of the
japanese people"
Representatives Of the big con-
Germs who went to Manchuria to
investigate opportunities complained
that they were treated by the army
as If they we're foreign spies and
had no business there.
Japanese political parties are
rotten to the core" Yosuke Mat
suoka, Japan's fam ed Geneva
spokesman. told me. II am trying
to do away with all Of them"
Hailed as a hero after his return
from Geneva as chief Of the dele
CATION to the League Of Nations
Manchurian debate. Matsuoka's first
public act after his arrival in Toxic
was to resign from the diet and
form his own party, to stump the
automobile industry, averted only
by last minute action OF President
Roosevelt.
Foresees Steady Improvement
Mr.. Sloan also opposed any sud-
den or radical reduction in working
hours as certain to have "a highly
Objectionable effect"
In his report, the General Motors
head said that business improve
ment would continue unless upset
by some unusual circumstances.
THE rate Of improvement may be
accelerated or retarded by inject
ing into the picture abnormal in
fuences," Mr.. Sloan said, but the
general trend will not be affected
for the reason that an industrial
recovery, like an industrial depres-
sion. is in a practical sense OF the
word, an irresistible force. 1t seems
reasonable. therefore. to expect
still further betterment Of condl-
tons"
Report Shows Profit
Turning to a financial review of
1888. Mr.. Sloan reported that net
income of General Motors for the
year was S74,O34,831, equivalent to
Sl.72 a share on common stock, con-
trasted with a net loss Of $9O41 ,4O0
in 1882. Before preferred dividend
payments, net earnings last year
aggregated S83,213,676, against
S164.979 in the preceding twelve
months.
Current assets of the company at
the close of 1888 totaled S3200l5,6O6.
Current liabilities were $76,182,710.
A year earlier. current assets were
S283, 258,874 and current liabilities
S57.821, $50. Cash totaled $150,952,-
1877, compared with $151, 152747 at
the close Of 1882. Holdings OF U. S.
government securities were SIG,
791. compared with SIG, 327083. In
ventories totaled Sis, 500, COM
pared with STE. 478,611. Total assets
were S1183 ,674,OO5, compared with
S1,115.228641 at the close of the
preceding year.
Net Sales Increase
Net sales last year aggregated
$3.50 ole, 542. compared with $432,-
311 1863 in 1882, a gain of 31.6 per
cent. Sales to dealers we're 669,035
units, compared with 562, $40 units
in 1882, an increase of 54.4 per cent.
Reviewing labor conditions and
effect of the NRA codes on the
automobile industry, Mr.. Sloan told
stockholders that an immediate
Qualification of the much disputed
Section IA of the national indus
trial recovery act is essential.
Second" he continued, IF indus
trial cooperation within any indus
try is to be permitted, reducing in
whole or in part the competitive in
fuence, ultimately affecting the
price to the consumer, it is highly
essential that the arrangement,
whatever form it may take, should
be predicated upon the most eff
eient set of circumstances even if It
means through evolution the elimi-
nation of the less efficient.
Against Sudden Hours Cut
Third, no greater fallacy exists
today than the viewpoint held by so
many-that the number of man.
hours of employment is definitely
1lAGQ ANU doSuIlllIiS tAlG AOAAllbSI VI
workers is known, the problem of
unemployment is solved by dividing
the amount OF work by the number
of workers Around this thinking
comes the agitation for the man
datory thirty-hour week.
The average hours of employ
ment over the decade may perhaps
be gradually reduced but from an
economic standpoint, an immediate
radical adjustment is bound to exert
a highly defationary influence and
at a time Of improving conditions
will surely inject into the picture a
highly Objectionable effect. It is
to be hoped that wiser counsels will
prevail"