We reviewed the potential threats to the independence of the Federal Reserve System and were reminded that this could assume more serious aspects if the composition of the Senate Banking And Currency Committee went unchanged. We had some interesting observations on the dilemma that comes when either a rare metal like silver becomes more valuable as a commodity than it is as a coin, or like gold cannot be produced at a cost below its price. The area of agreement at cur meeting was of the size usually reached when this matter is debated between the miner and the banker. I have great faith in our bankers and, while they may not be able to pass or attain last year's peak earnings, they will still give a good account of themselves. The problems of other businesses did not go unnoticed - the increasing amounts of foreign crude displacing U. S. crude, price weaknesses in certain industries, competition in the export markets from foreigners whose governments lend more credit assistance than the U. S. or where U. S. products face discrimination, some U. S. industries finding it difficult to compete or being threatened with changes in tariff protection. We have also heard some of our senior members express their belief and demonstrate their faith in the need for younger men in the top jobs. Yet these same senior men have given us reason for caution by once more demonstrating here their wisdom and the sureness of their hand on the tiller. Those of us who are younger are not so sure that they are expendable! Reapportionment was also discussed, and those of us who live in San Francisco will gladly offer the other 49 states Southern California as a candidate for merger. And finally, Gentlemen, running beneath the surface of all our discussions and articulated so well by one of our members was the recognition of the great blessings and the great benefits that our society, whatever its imperfections, has produced. Physical wealth beyond anything that the world has ever known - 86 million cars - homes full of electric appliances - an abundance of material things from the farms, the forests, the factories, and the mines - all produced by a free people -free politically and ever more free from the burdens of physical toil needed to produce the necessities of life. With our affluent society has come leisure in greater quantities and leisure is a precious quality that, wisely used, can contribute to the further enrichment of the human mind and the human spirit - to the explosion of knowledge and to the cultural accomplishments that touch the senses and the heart. I am pleased and proud to be in this company, to be among men who so typify all that is best in our great society, who illustrate that in this land of opportunity, intelligence, courage, and ingenuity can still parlay a pipe line or a potato into an industrial empire, who are not ashamed of making a profit but whose real pride lies in devoting their talents and their efforts in giving leadership in government and in business, on which our society and all its accomplishments are based. The present and the future is in your hands and they are very good hands indeed! The Conference Board - 4