"The first essential for peace is a balance of armed power which will deter the Soviet from starting war. That is the only language they understand," declared W. Randolph Burgess, Chairman of the Executive Committee of the National City Bank of New York. Burgess traced the history of the Nation- al City Bank of New York which he said fifty years ago was called the International Banking Corporation. He said that he has seen great transformation in these Islands within that period. According to him, living standards has been greatly raised; education has been extended. These years have also seen the gradual growth of national consciousness and the will and capacity for self-government finding fruition in the Re- public of the Philippines. He admitted that the United States can- not arm all the free countries alone. He said that unless others do their part, the American people cannot carry alone the sheer weight of the load. Burgess farther stated that economic strength is basic to strength of arms. To accomplish this, he suggested that the country must have a sound money. He believes that if a country will keep its money sound, honest and dependable, it will be able to carry a heavy economic load and still keep its people happy. He praised the Central Bank for its vigorous budgeting and monetary policies They may not be popular policies and changes in methods may be necessary, but they have been right in principle. The Cen- tral Bank, he said, had followed a broad pattern which has worked wherever it has been followed and their successful conti- nuance depends on public support. He claimed that the United States is the world's great spender. C. M. Lorenzo of the Central Bank and the Philippine Tourist and Travel Association, another speaker, talked on "Tourism." He said that the Tourist industry which is a dollar income industry, has long been neglected, shamefully discouraged and now almost forgotten. He said that a prosperous tourist industry like that of Canada, Mexico, Spain and Hawaii will mean more dollars for the purchases of vital needs abroad, more sales of Philippine made goods to stimulate manufacturing activities and encourage investment of timid capital. He gave a few facts on the plight of our present tourist industry: 1. Our dollar expenditure for foreign travel abroad of Philippine residents is so big that our dollar receipts are only 4% of the dollar expenditure. 2. It is a paradox that the Philippines, a ward of the United States of America that won its independence through the help of this great nation, is getting only a trickle of the American tourist dollars. In 1949, American tourists spent $688 million all over the world, $275 million in Canada, $134 million in Mexico and $279 million overseas. Something more than the proximity of Canada and Mexico has been re- sponsible for this tremendous tourist trade. It was the united spirit and the unitedef- forts of the government and people of both countries that were mainly responsible for building up their respective tourist industries which have become great sources of income. 3. Of the $371 million spent by American travelers overseas, an amount greater than our international reserve, the Philip pines received a share of only $380,000 from 7,081 visiting Americans or only about 1/10 of 1% of American travel dollars overseas These American visitors represented 81% of the total aliens who visited the Philip pines in 1951. The average per capita expenditure of these Americans while in the Philippines was only $54 while our private travelers abroad spent an average of $1,066 per person during the second half of that year. Government travelers and officials spent much more than that amount per per son. It appears that we should attract more foreign visitors into our shores and once within we should try to keep them longer or keep them spending more within a brief period. Lorenzo called for volunteers to help boost the tourist industry in the Philippines. He said, "Heroism is not confined alone in the battlefields but also in any field of endeavor which will concretely help our people to en- joy the good things of life." As an intermission, the Silos Sisters of the radio and screen, contributed musical numbers. Mike Arnold was the finemaster. He started his job by imposing a fine of P100.00 on Chick Parsons. Jim McKinnon of the Singer Sewing Machines was given a few. minutes to talk about his product. After his short talk he was fined P50.00. Bill Saussotte delivered a short talk on textiles. He said that his firm imports textiles to give Singer Sewing Machines something to sew and the National Fastener something to zip; he was fined P50.00. President Hans' invitation of Dr. Zipper at the last meeting cost him P25.00. The reason was that President Hans carried his hobby a little too far. Vince Bunuan was given a tremendous applause for his reinstatement as Sugar Quota Administrator.