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- Page Seven -

In our foreign economic affairs our record is even more checkered. Our tariff policies have become more enlightened, but not enlightened enough to meet the requirements of the day. We have become more internationally minded and have taken on to ourselves a leading role in world affairs. But we have not been playing this role too well. Despite the expenditure of many billions of dollars in foreign aid, we have made for ourselves more enemies than friends abroad. How can we do a better job in this important field? This is a question which will occupy the attention of our people for many years to come.

It can be readily seen from this hasty review that the achievements of our national economy over these past fifty years have been considerable, but that this is not the time to rest. Problems keep on piling upon us, and if left unsolved will do us irreparable harm. The economic horizon facing us today is not free from clouds; but neither was the one that faced us fifty years ago. By and large, we have not done badly; but we must do ever better in future years.

Life is an adventure for societies as well as for individuals. In sailing out upon the high seas, societies must be prepared to encounter storms. They must make sure that the shop they sail upon is sound, its captaincy good, and the course to be followed well laid out. Throughout the voyage they must exercise vigilance and courage and have faith in their ability to weather whatever storms may break out on the way. They must have faith in reaching port safely in due time.

These precepts have guided the many successive generations of our society in their sailings upon the seas of time. They guided our early