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Page 30 text:
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SALUTATCRY It seems to me that the great need today is to increase the supply of goods available for market' ing, without increasing production costs out of proportion. There are several ways of increasing production and having costs per unit remain the same, but the end result of any method would be to reduce prices by increasing supplies of goods available. One answer might be to work longer hours without disproportionate added labor ex' pense. As an alternative, administrative costs could be reduced and waste decreased. There are several other possibilities such as increased ma' chine efficiency, less spoilage, and improved product design. According to theoretical economists, one way to increase production, with costs per unit remaining constant, is to have the workers work longer hours at no increase in pay. This would mean a break' down of our eightfhour day and the adoption of a standard day of, let us say hypothetically, ten hours. Labor organizations have struggled for years to secure an eightfhour day for their mem' bers and would probably feel that, by the adoption of a workfday of longer than eight hours, these years of work would come to naught. Is it not possible, however, that the end result of this change would be to the benefit of labor, in the reduction of prices which labor would have to pay for the items entering into living costs? Another contributing factor would be curtailf ment of administrative expense. If a way could be found to simplify overfcomplicated systems, costs would be materially reduced and more goods could be made for the same per unit cost, even though it were necessary to pay overtime rates to the men performing the actual tasks of manufacf ture. Increased efficiency of the machinery used in the actual making of the goods would also result in savings. There are many companies using machinery that should have been replaced years ago. The clothing industry is an example, where a great number of the establishments are small and rent, rather than buy, their equipment. The vast majority of this machinery is secondfhand and, of course, one would not expect it to produce efliciently. By lower spoilage in the processes of manufacf turing, untold savings could be effected. To ac' complish this would probably mean the purchase of automatic machines with less dependence on the human element, as well as closer supervision. Titian ty-six WALTER M. BOWEN The engineering section of any manufacturing concern is one of the most important departments of the entire organization. It is this group that is responsible for designing and re-designing, in order to reduce costs and improve the product. Undoubtedly there are a great many items being made today that, with a slight change in design, could be more economically produced. Quality of product, however, need not be sacrificed in order to accomplish economies. Actually, a more economical design will sometimes also mean a better and more satisfactory product. If these suggestions were to be put into practice, the results would not be immediately felt. Prices would not come down tomorrow. Neither would the adoption of any one of them have a tremendous effect. Collectively, however, their eventual inf fluence on prices would be inevitable. I am convinced that increased production, coupled with lower administrative costs, greater machine efficiency, less spoilage, and improved design, would aid materially in halting the dizzy upward spiral of prices such as we are witnessing today. Our economy cannot be on a sound basis until prices come down and inflation is checked. Is it not, then, the duty of all of us to see to it that equilibrium is again established?
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Page 31 text:
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VALEDICTCRY Commencement for the Evening School Class of 1948 has more than the usual significance. Most of us are leaving for the second time, The war was the cause of our hrst separation. Bef cause of our absence, we can enjoy now our second departure with a new and keener appreciaf tion for the privileges which are ours. We have obtained knowledge, but certainly not through our efforts alone, very few cv-er have. We have constantly looked to the faculty for guidance. They, with a full understanding of our problems, have guided us well. When we entered the Evening School we sought the facts and laws and formulae that would aid us in whatever place we hoped to occupy in commerce or industry. The faculty with patience and care presented them to us, constantly bringing forth examples from their wide experience. But the faculty has given us more than we originally sought. They have shown us how to use and how to augment this basic information and, more important, how to think clearly for ourselves in all situations. This is the most valuable lesson we can ever learn. We must appreciate the privilege of being able to refresh and add to the knowledge we have gained at the Evening School. As time passes, details are forgotten. We can refer to all auf thorities. We know that the opinions expressed are the true thoughts of free men. In many countries today students cannot, as we, refer to all authorities and read all opinions without the interference of arbitrary controls by their governments. The instruction we have received in independent thought and competent applicaf tion of knowledge, if well applied, will assist in JOSEPH J. DOOLING allowing to continue the American ideal of free thought and unbiased facts. The alumni of the Evening School has many members who are now outstanding in the busif ness world. In attaining their respected positions, they have brought honor and respect to the name of the Evening School. As we join their ranks and accept the honor of their company we must also accept the duty to perform our work in a manner befitting their fine example. Let us take that which we have been taught and apply it well. Let us, as we join the alumni, remember that a strong free country has made possible the spread of true knowledge and it must be perpetuated if others are to be as fortuf nate as we. Twcnzty-seven
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