Evening star., 1943-04-30
THE EVENING STAR,
j. 5. Reserve Funds
For Postwar Period
Proposed by George
Senator Tells Chamber
Money Must Be Held to
Aid Industry in Peoee

mittee proposed last night that ade-
quate monetary reserves for indi-
viduals and industry be legalized to
assure continuance of free enter
prise after the war.
Senator George spoke at the an
nual dinner of the Chamber of
Commerce of the United States,
which followed the closing session
of the 31st annual convention of the
organization.
Resolutions Adopted.
The group adopted resolutions:
l. Advocating continuation of the
Trade Agreements Act.
2. Urging return to represent
ative government as expressed
through broad general laws. The
theory OF regulation by rulings and
dlrectives should be opposed as a
method of control. Congress is
urged to make grants of authority
definitive."
5. Urging speedy liquidation of
Home Owners Loan Corp. sby pri-
vate capital being afforded oppor-
tunity to take over and service the
mortgage holdings"
4. Declaring the Federal Govern
ment Should give up the preference
IL enjoys because of grants of public
land to aid original railroad con-
struction." WA
5. Advocating a strong nationa.
merchant marine in the postwar era
o. declaring an internationa,
monetary standard for currency a,
the world is essential for the most.
war period"
Johnston Reelected President
ERIC A. Johnston, president Of the
brown Johnston Co.. Spokane
WASH, was reelected president OF
the chamber at the closing busines.
session. Ralph Bradford of Wash.
lngton was elected general manage,
and secretary and Ellsworth C. Al.
word, also of Washington. was named
treasurer. All Offices are for onf
year.
Philip Pillsbury of Minneapoli.
was elected vice president to re-.
place I. N. Tate of st. Paul. who re.
Gently moved to Pittsburgh, in an.
other region.
Other vice presidents were re.
elected.
rive new members of the Boarc
OF Directors were elected, as follows,
Frederick P. Champ, Logan, Utah
Leonard w. Trester, Omaha, Nebr.
Earl o. Shreve, Schenectady. N. Y,
Ralph L. Carr, Denver, Colo, anc
Powell c. Groner of Kansas CITY
Mo.
Fourteen directors were reelected
Henry I. Hartman, chairman O,
the New England Power Association
and former president Of the cham.
Der, was elected director at large, 9
new Office.
Many Speakers Heard.
Speakers at the days convention
sessions and luncheon were: Dwight
Grlswold, Governor of Nebraska
Representative Gore, Democrat. o1
Tennessee: President Frank P
Doherty, Los Angeles Chamber OF
Commerce; Dean Acheson, Assistant
Secretary of State; DR.. Paul Var
iceland, former Prime Minister o1
Belgium; Winthrop w. Aldrich
chairman of the board. Chase Ma.
tional Bank, New York: Senator
Tydings, Democrat, of Maryland
Fowler Mccormick, president, In.
ternational Harvester Co., Chicago
Robert J. Watt, interna tional repre-.
sentative of American Federation Of
Labor, and Col. Willard T. Chevalier
publisher of Business Week, New
| York.
Senator George deviated from hi.
prepared speech on one occasion
Calling attention to the fact thai
his address was listed as United
for Victory" message, he said ex.
temporaneously:
Every one in the United States i!
united except one man and he will
be united before the week is out"
He did not enlarge on the state.
ment.
Discussing taxes, the Georgian
said:
1T Is better that taxes be placec
as high as we can now bear them
provided always that a reasonable
portion of the earnings of individual!
and organized business is covered
into the Treasury and there held a!
a certain reserve against the day
when war ends.
Industry Must Be Financed.
Direct tax levies cannot be great.
ly increased, if at all, during the war
but additional levies may be made
for the purpose of savings or loans
Provision should be made at once
legalizing adequate reserves both tt
the individual and to the corpora.
tion
Industry must be financed Fret
enterprise supplies the required
funds for savings-from accumu
lated earnings, from investors, from
creditors. The savings of the peo'
pie, in turn, have their source onl,
in earnings.
During the war, at least during {
war Of reasonably short duration
the immediate return to industry
and to its owners and creditors, be
comes secondary consideration
Our take for the Treasury can b.
much greater. Industry general.
has turned to war production with
out regard to profits. Industry i
to be commended upon its position
that it seeks no profit from war
But we must not destroy confidence
in future profits"