Evening star., 1937-01-19

iicahiNo anu Allo
broad understanding of financial and
social conditions. together with his
Interpretation Of international affairs,
made his address one long to be re-
membered
II should like to point my re-
marks first" said Sir Willmott, ito
the question of social welfare, be-
cause it has a large international
Implication. and can be considered in
universal aspect before We come to
its national Importance. 1t has be-
come truism that all great nations
today are at least alike in this: That
they are endeavoring to control the
economic process.
Having said so much we must ask
TO what end the control of the eco
nomic process is sought, and here we
find that the principal countries of
the world divide into two groups. In
the first tlet us say. the United States,
Great Britain, France Belgium, Hol-
land. Switzerland and the Scandi-
navian countries) the primary objec-
tive may be described as social well
fare. In the second Germany, Italy
and Japan what is sought is rather
an aggrandiZement of the striking
power of the state. Between the two
groups stands Russia, which seeks
ends comparable with those of the
first, but which has used means gen.
orally resembling those of the second,
and whose future purposes and de-
velopment are unpredictable.
Condition of Masses Vital.
I'm all fairness let 1t be said that
the so-called social welfare countries
by no means leave striking power out
of their calculations. and that the
power countries earnestly profess their
concern with social welfare. Not to do
so would be a form of suicide for
either. The social welfare countries
must today be strong in the interest
of protection, and equally the
power countries must soften the
rigidities Of their system with some
concern for the mass Of the people, or
domestic conditions would become in
tolerable.
The first condition Of success is to
recognize that to an always greater
degree the modern industrial state
depends for its happiness. its efficiency,
its culture, and its civilization, upon
the condition of the wage-earning
population.
There has never been a time in the
history of the world when the means
with which to attain the social objec-
tive have stated were so richly avail
hoe Ioo IaoU hos
understanding of the opportunity
which offers and the bitter need to
grasp at it, and the social consent
which can only come from under
standing" the speaker asserted.
Sir Willmott had little to say about
the banks. The endeavor to control
the economic process. however, has led
some people to believe that the control
of credit should be in the hands of
governments.
COrby Much Improved.
Thomas J. Groom first vice presi-
dent of the association, presided, be-
cause of the illness of President Karl
w. Corby. He presented message Of
greetings from Mr. Corby and stated
that his condition had recently shown
most gratifying improvement. In
fact, he has been able to take an au-
tomobile ride and expects to be back
with the bankers in the near future.
The chairman introduced Archi-
bald McLachlen. secretary and treas
urer of the McLachlen Banking Corp.
: who has just been appointed general
et,,,,
teenth annual convention. Mr.. Nc
Jachlen called attention to the dates,
which are May 81 to 81. at White Sui
phur Springs, w. Va. The party will
make the trip in the afternoon, as last
year, and also return in the after
noon, instead of returning at night
as was done last year. The dates in
clude Memorial day. which will be a
holiday in the banks.
Albert S. Galley treasurer of the
association, reported finances in fine
condition, with substantial balance
on hand Eliot H. Thomson. chairman
OF the Advertising Committee, re-
ported that 82.858 members joined the
Christmas Savings Clubs for 1887,
which closed recently. against 76,307
IN the 1896 clubs. These members
subscribed s7,345. .o5O in the clubs
conducted by 18 Washington banks, a
gain over last year of sl.084.3l0. Per
capita subscriptions averaged $50. or
81 higher than in 1886
Munsey Re Elects Directors.
Munsey Trust Co. stockholders re-
elected the following directors at the
DENLY, Thomas w. Dewart. William
T. Dewart, William T. Dewart, jr.;
Charles B. Hawley, Gilbert T. Hodges.
Arthur G. Lambert. Louis B. Montfort.
A. Harding Paul, C. H. Pope. c. D.
Ratcliffe. Alfred P. Thorn, jr.; T. c.
Willis, and r. H. Yeatman.
At the organization meeting Will
liam T. Dewart was reelected presi-
dent: c. H. Pope. vice president and
dent and assistant treasurer; T. c.
Willis, secretary and assistant treas
urer; P. J. Mcmahon vice president
and assistant treasurer; A. J. Byrne
and r. D. Watkins, assistant treas
urers, and r. H. Yeatman, general
counsel and trust officer.
Woodward e. Lothrop Extra"
Directors of Woodward g. Lothrop
have declared an extra dividend of
rs cents share on the common stock,
payable January 20 to stockholders of
record January %.
The Washington Stock Exchange
will be closed tomorrow, but the New
York Stock Exchange offices here will
be open as usual.
For the first time in the history of
Kilmarnock. Va, the resources of a
banking institution located there have
reached the 100000 mark. Re-
sources of the Bank of Lancaster,
only banking institution in Kilmar-
mock. recently passed the million