that we shall ultimately develop a new bulk cargo movement - perhaps wheat, perhaps petroleum products, perhaps something else. I do know Allen Christensen can't stand for long to see a tool performing at 50% efficiency. That is the story of one company--and one brilliant man of management. In less than 10 years that man has pushed his company into a diversified business and has brought it to the greatest prosperity it has ever known. And the work has just begun. Allen Christensen's story illustrates my first point--that management of broad vision and the daring to do, is one great essential ingredient in business success. You have your own illustration of that truth right in your own company. The San Francisco Examiner's dominating position is no accident. And the fact that year by year it increases its prestige and its financial success testifies to the outstanding caliber of its management. What, then, about our second consideration? Where does management get its drive, its incentive? What motivates the aggressive manager of broad vision--Money? Power? As the old gag goes, "Rich or poor, it's always nice to have money. However, I don't think we can put a cash price tag on all managerial effort. The bosses of most companies have long since passed the point where they work just for money. Both the Chairman of the Board and the President of our Company have rejected offers for more money elsewhere, and so have I. Neither of them has to work at all--and their incomes would be little different if they retired tomorrow. Once an executive passes a certain income bracket, any additional money has little meaning to him. He still likes what he's getting, of course, but he begins to find that other things give him the added zest to keep on striving. 7