Sale

Llve Lurnber Yard wlth well ectabllched buclness ln cuburb of Los Angelee. Thts wttt bear cloeest exanlnatlon. Tard now dolng good buslnecs and showing btg returns on lnvestnent. Good reasonc for selllng.

(Continued irom Page 24) cordance with MI C Standards, and he also urged cooperation in preference to cut-throat competition.

In closing, Mr. Godard said that success could be spelled in five words : "Concentration, Conference, Comprehension, Compromise and Co-operation"; that he was a believer in the Golden Rule; that it was a wonderful thing for the industry in having such an organization; that it was better for the public; that no progress could be made through competition and that all progress came through orgarrization.

"The Fallacy of Price-Cutting" was the subject of an excellent address made by W. R. Robinson, Lecturer in Business Administration, Department of Economics, IJniversity of California. Mr. Robinson said that price cutting is not a new idea but an old one, and that confidence must be placed in the men !r'e are buying from as we can't all be specialists. He stated that price cutting was vicious when it was malicious; when cost is unknown and unless you have a uniform cost accounting system we will never get away from price cutting, also that unknown costs are the cause of bankruptcy; when used to discriminate between buyers; when used to defraud, making the buyer feel that you can undersell your competitor. "Price Cutting breeds the Confidence Man," he asserted.

What does Price Cutting result in, he summarized as follows: Results in affecting the confidence in trade; creates short buying, resulting in only small orders as the buyer is not sure but what the price will be lower; costs more to carry on the business, as you need more men out after business and without stabi{ity in prices you are not getting the volume of business you want; results in the survival of the strongest and not the most efficient, which is uneconomical and not good for business, as the strong drives out the weak, leaving the strongest organizations without competition and the buyer ultimately suffers the most.

The economical ideal, he stated, is getting at a fair price. A price that allows fair profits to the buyer and seller, one that is based on knowledge and not assumption, but based on cost plus a fair profit.

By the elimination of Prrce Cutting, he said, we will have competition of quality and service; stabilized prices that rvill result in confidence and more stabilized buying; and security and good will.

Ralph Button made the Report of the Uniform Full Nfill Bid Committee. Mr. Button said that the sample Standard Full Mill Bid Form which was distributed to the members was the progress that the committee had made following several conferences and meetings that were held at the various Institute conventions. There was a general discussion from the floor on the proposed Standard Full Mill Bid which was participated in by many of the members, much

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