5- acres of industrial land. While there is more that can be done along these lines, the total addition to the supply of land in the Bay Area will be but a drop in the bucket compared with the increased demand for land to house the new people and the new enterprises that will be coming this way. Whenever you have a rising demand for a product in limited supply, the inevitable result is an increase in price. Therefore I venture the view that property values in the San Francisco Bay Area will continue to rise. To those of you who are interested in lending money in this Area it seems to me that you can proceed with confidence, for this increase in property values will continually place greater equity behind your loans and the rising demand will provide more liquidity for property because of the presence of ready buyers. Additionally I believe that you will have the advantage of better planning in this area, which will give you the protection of property values that sound planning affords. Because we will for the most part be converting agricultural land into residential, commercial, and industrial land, we are not faced with the difficult problems encountered in older sections of the country where rehabilitation of blighted areas is necessary. The pace of the growth here in the Bay Area as in any other rapidly expanding area will be determined to a large extent by the availability of capital. The capital requirements to finance this growth reach astronomical proportions. In the field of residential construction alone we may well be talking about $5,000,000,000 of new housing construction, give or take a few million dollars either way. To this must be added the cost of the commercial construction that will accompany the residential growth, as well as the funds necessary to