cessful type when the entire personnel grasps the
essentials of industrial development.

When these essentials are understood and recognized as standards
of measure there will be less conflict between the investors and
the managers. Then it will be possible for managers and all others
to use all of their energies wholly for progressive work rather
than using a large part of their time and energy explaining each
move to the investors.

Managers need the support and confidence of the investors. Every
day requires a firm adherence to a definite policy. Nothing less
than the firmest determination will hold an organization to a true
course. With a division of opinion, the natural drift is away from
the standards on which modern success depends. Not only is it
necessary to have these principles understood by investors, but
also by all whose opinions will in any way affect the spirit of
the men in the organization.

The whole scheme, as it is set forth, is true to the fundamentals
of human economics, for it provides ways by which the energies of
mind and body are used most effectively. It brings a progressive
growth and creates in each the greatest productive capacity. So
that, as individuals and as a state, we will produce the greatest
value for a given amount of labor.

It is the only way by which we can compete with other states and
countries. It is the natural and inevitable way for Vermonters to
travel.

CONQUEST OF PEACE.

Before the war Vermont and the nation were approaching a serious
economic crises. The war has accentuated the gravity of the
situation, but has also demonstrated certain human characteristics
that can be enlisted to correct our course. We found during the
war that we were ready to take heroic action whenever an occasion
demanded it--that there was a solidarity of purpose of our people.
This characteristic must now be invoked. We must meet the
conditions that confront us by unity of public opinion and team
work.

The conditions that confront us do not involve the possibility of
immediate invasion of our country by a hostile nation, but they
carry a burdensome penalty if we fail to take the right action.
Happily we are not required to risk our lives or even work harder,
but we must recognize the plain facts that we are not sharing in
the general economic progress of our neighboring states.

In war the nation that wins the victory imposes a burden of tax on
the conquered nation. In the co