7- in the spirit of constructive criticism suggest certain things to you. First, you have not developed dependable sources of supply to meet the needs of your customers. Second, you have not merchandised your product with the same effectiveness that has characterized commercial banking or other industries. You are still making your customers work too hard to avail themselves of your product and your services. Third, the supply of mortgage money is being restricted by the investment policies being followed by the insurance companies and mutual savings banks and is losing its competitive place in investment portfolios to industrial and commercial bonds. This is due in large part to the Government's unsound insistence on a fixed interest rate for FHA and GI loans, a condition that should be corrected. Fourth, there is too much difference in the price in the market place among competitive lenders, which forces the borrowers to shop around for the best deal, rather than rely upon the development of long term dependable business relationships that rest upon the solid knowledge that the supplier is competitive and reliable. With money as tight as it is today, these complaints need cause no immediate concern but I have an abiding faith in the competitive system and its ability to provide a service where the need exists. Within your ranks there will be those who will seize this opportunity and make the most of it. How it will be done, I do not know, but the end result will be the development of a service which makes available to West Coast firms a dependable supply of money conveniently available at competitive prices under terms and conditions that fully protect the lender and are perfectly fair to the borrower. A fully integrated lending service will be provided, and the construction firm will no longer find it necessary