The Waterbury Democrat., 1943-05-19

bOAoJs HI oOA OoOAAAS OAAN HhA the present war effort, MT. my thought to under-emph made by other groups. Since bus tness, however, in the past has beer frequently unfairly condemned, he said, i've should proceed to faii analysis of just what it has con tributed.
 By is war performance the Amer ican business institution has not only justified itself time and again, Mir. Heimann says, but it has demonstrated that if we are tc meet the postwar challenge, Amer ican business must be fostered and nurtured, continued strong and healthy and be given the respect confidence and cooperation of every living citizen of this country"
 Business Batting Out
 In continuing his praise of Amer ican business, MT. Heimann declar- ed, "the day of business batting must go." He said that it is high time for the American people to recognize just what American busi- ness has meant in the present war crisis.
 In considering some of the major postwar problems, MT. Heimann pointed "to the fact that when Vic- tory Day comes we may have ten million men under arms. We may also have thirty million wage earn CTS employed in war work, and the plant capacity of the United States, MT. Heimann pointed out, will be greatly increased through the many factories which have been erected directly or indirectly through gov- ernment finance during the war Another problem he discusses is that when V-day comes American in dustry will be brought face to face with settlement for some fifty billion dollars in unfulfilled con- tracts.
 First, one need but consider the staggering outlays which have been made for the purpose of converting peace-time plants into war produc- tion,' MT. Heimann points out. By the same token one should not over look the staggering outlays which will be required of private enterprise to reconvert from war to peace time production. Unless private in- dustry is put in such financial con- dition or is allowed to work towards that sound condition so that 1t can effect this conversion without en- danEering its complete structure, then surely we are not discharging our responsibility in helping to make the world better place in which to live.
 Reasonable Reserves
 Tt should be obvious" MT. Rei- mann continued ito everyone that American business must be allowed to establish reasonable reserves with which 1t can finance a speedy post war reconversion to peace produc- ton. It is well to remember that in normal times some of the earn ings by American business were set aside as reserves for depreciation on plants and machinery as well as for innovations In production. It is only through a more liberal inter pretation of our Federal Tax Law that business can provide these proper reserves for reconversion. Management of American business under such circumstances considers itself the trustee of these reserve funds so that in the postwar period it's own solvency will be insured and it will have the finances with which to undertake reconversion.
 Next, it should be remembered by our government officials that in settlements under the termination clauses in war contracts, 1t is ab- solutely essential that prompt ad- justment be provided for and that they not be allowed to drag as they did during the first World War When Victory Day comes most o1 the plants in the United States vii have more than the amount o1 their capital involved in the goods in process on war contracts. Un- less these claims are handled fairly and expeditiously American business will be compelled to sit idly by, un- able to respond to the nations peace-time demands by reason oI having much of its capital frozen ir unadjusted claims"
 Again warning the members o1 the National Association of Credit Men against the dangers on infla- tion, MT. Heimann pointed out that developments in the past month had again raised the spectre of in- dation.
 Every Citizens Duty
 Tt is in my opinion" he said "the duty of every citizen of this country to aid his government in fighting imitation with all the power and strength at his command. Not only must you fight imitation with your money by investing it in gov ernment securities but you must fight it with a firm resolve and a will to do without certain luxuries and some of the necessities of life ill so far as you can do so without injuring or impairing health. Witt plethora of funds in the hands o1 individuals due to the great wal effort, it is obvious to any chile that if infation is allowed to go or