900 Business Men Hear Philippines Described as Key to Free Far East

Democracy has its biggest stake in all Asia in the new Republic of the Philippines, Cornelio Balmaceda, Secretary of Commerce and Industry for the Philippines, emphatically told close to 900 business men Saturday night.

Speaking near the close of the annual all day conference for businessmen sponsored by the Business School Association, Balmaceda said that his "'country has been called the show window of democracy in the East.' Its course, its fate, is being watched by the other countries in Asia, the Philippines having been set up as an independent republic by the greatest nation in the world."

Balmaceda warned the businessmen, who this year considered the topic "Thinking Ahead for Business" in terms of world problems and world markets, that it "is evident that the communists are bent on pursuing their objective of dominating the entire Asian continent as a part of their long-range scheme of world conquest; Their present activities in Asia would lend force to the popular belief that Soviet Russia is trying to get all of Asia first into its orbit in order to avoid having to fight on two fronts."

The Philippine statesman also warned his audience against pushing American products and American concepts of free enterprise too quickly in the economically retarded Far East.

Listeners at the Saturday conferences also heard a panel on price controls in which David McCord Wright, well-known professor of Economics at the University of Virginia, urged that in order to produce the goods the country needs, the nation must reduce the consumption level.

"Spending must be reduced," he said. "The enormous bulk of the spending is done in the lower income groups. We cannot therefore charge the war to the rich. There aren't enough of them." He recommended taxation and inflation as means to this end.

Unpleasant as it Seems

Unpleasant as it seemed, Wright argued, the standard of living must fall to permit increased war output. The economist prefaced his remarks with a statement that it is the special duty of the economist to tell the truth, however unsavory, regardless of public or political opinion.

At a banquet closing the conference, Dean David, of the Business School made his expected announcement that construction of the Kresge and Aldrich Halls, the projected new dining-recreation center and classroom building will start this summer.

Horace B. McCoy, assistant administrator of the N.P.A., said he expected reasonably quick removal of controls on strategic materials. Jeb Halaby, assistant to the Administrator of European Recovery Administration found. "Our Western European allies have priceless resources and capabilities with which we should combine ours for mutual security. We as well as our partners must do more. It will be costly and require sacrifice ... but it's worth it."

Other prominent speakers at the conference included: Edward G. Miller, Jr., Assistant Secretary of State for Inter American Affairs.