ssity be temporary, since
the aim of the central authority would be to balance values in such a
way that there would be an equilibrium all around, with no surpluses and
no deficits. Such an ideal condition would never be reached, but it
could be approximated.

3. Transfers of capital, or loans negotiated between various
industrial groups, and covering more than one division.

These loans would take the form of adverse balances in the general
clearing between producing groups, and would cover the advances for
improvements and betterments, that one producing group would make to
another, or that the world producers' federation would make to one of
the producing groups.

The exchange and credit board would, in reality, be the book-keeping
department for the world producers' federation, whose exchange
transactions would be planned and handled through this department.

8. _The Budget Board_

Two principal functions would be performed by the budget board. On the
one hand it would be charged with budgeting or planning the transactions
involved in the world organization of economic life. This function would
include the estimates of the requirements of the major economic groups
during a given year, and the estimate of the sources from which these
requirements were to be met. On the other hand, it would be responsible
for preparing the budget of the world producers' federation, and of
deciding upon the course that must be adopted in order to meet these
necessary outlays. Thus the board would correspond, in a sense, to the
finance committee of a modern parliament or to the department of finance
in a modern cabinet.

9. _The Adjudication of Disputes Board_

The organization of the world producers' federation places before it
certain judicial functions. The federation would be called upon to
adjudicate:

1. Disputes between any of the industrial groups involving more than
one division.

2. Disputes between one of these industrial groups and the world
producers' federation.

3. Disputes between various departments of the world producers'
federation and its subdivisions.

These functions would devolve upon the adjudication of disputes board,
which would constitute a court or committee of review, charged with the
duty of hearing issues in dispute before they went to the board of
managers, the executive committee and the world parliament for final
decision. The adjudication of disputes boa