5- At least for the moment, money and credit is available. The lenders are willing to lend if they can find borrowers who can put the funds to profitable use. However, in the long range capital may be in short supply if we are to carry out the capital expansion needed to meet the rates of growth and the future plans that industry after industry has indicated here. It has been a popular pastime at the Conference for the speakers to classify themselves as either "optimists" or "pessimists", and Sam Morse indicated that it is a nice feeling to be an optimist. There is an old saying that "pessimism is as comfortable as optimism, once you get used to it". Another old rhyme says: The optimist and the pessimist, The difference is droll, The optimist sees the doughnut, The pessimist only the hole. Whether we classified ourselves as optimists or pessimists, there was unmistakable evidence that top management as represented by the participants here in this Conference has recognized and has determined to do something about the problems that plague it, and this to me is perhaps the greatest cause of all for optimism in the circumstances. The solutions will not be easy, but rec-ognition of the problem and determination to do something about it are the major steps in any solutions. We have already seen a three-pronged attack on the rising labor costs and the labor monopoly that presents a grave danger to almost every business. First, we have seen an example by the construction industry in a cooperative effort between the unions and the management to work together in the elimination of wasteful labor practices, and this is a positive contribution to the national welfare for which all industry should be grateful. Second, we have seen the