there is ample area to satisfy these needs without invading the private sector. Let this area be planned and, if necessary, as it seems to be, controlled by a Conservation and Development Agency created by the State -but let the emphasis be on developing for the public interest, not on conserving for preservation of the status quo. 2. The State sold the tidelands to private individuals years ago. Much if not all the private land has not been available for public use for at least 75 years. Under the power of eminent domain the State can again take possession by paying the fair market price. However, a moratorium in fact or in practice denies the owner the use of his property without compensation. It is both unfair and unnecessary. As things now stand, I am discouraged that the bind watchers will emerge triumphant and that we will soon take one more stop to invade the rights of private property and to supplant local government with further State control. It is only because progress is General Electrics most important product and because I felt that this audience would be sympathetic to the idea of progress, whether in government or industry that I have chosen to bring this message to you. Thank you for the privilege of being with you and for being part of the General Electric family. December 2, 1964