Jur 



Hardwood Record — Veneer & Panel Section 



39 



atory expected to have some data on drying panels 

 shortly, but at the present time the information is not 

 in shape to be given out. He thoui;ht it an advantage 

 to have the material thoroughly dry before the veneer 

 is laid up. Rotary veneer is tangentially cut, which has 

 twice the radial shrinkage and swelling. The value of wal- 

 nut and mahogany for gunstocks lies in the fact that they 

 do not swell much. He said that anything over one- 

 twelfth of an inch is likely to cause trouble in panels. 



In answer to a question in regard to the spread of 

 casein glue, he said that they secured about twenty 

 square feet of three-ply per pound of glue when dry, but 

 it varies according to the moisture in the casein. 



At the conclusion of Mr. Teesdale's remarks he was 

 tendered a hearty vote of thanks for his address. 



The next speaker was J. Rattray of the Guaranty 

 Trust Company, New York City, who addressed the 

 members on the subject of '"Post-War Problems." The 

 main points of his talk are summarized herewith: 



The character and extent of our post-war problems, will be 

 contingent very largely, if not wholly, upon the kind of peace that 

 is established at the conclusion of the war, and also upon the 

 duration of the present struggle. A compromise settlement must 

 not be accepted. It is only by forcing the unconditional surrender 

 of German autocracy that we can hope for a permanent and satis- 

 factory peace, and as we are cons.tructing our war machine for 

 the purpose of accomplishing that great result, we should likewise 

 prepare for the future upon the same basis. 



The keynote of Britain's preparations is co-operation. Co-op- 

 eration among industries, between industry and banking, among 

 those having interests abroad, and between business and the gov- 

 ernment. To obtain this co-operation 87 committees have been 

 formed to take action on matters affecting trade development. 

 .Snance, raw materials, coal and power, intelligence, scientific and 

 industrial research, demobilization and disposition of stores, labor 

 and employment, agriculture and forestry, public administration, 

 housing, education, aliens, and legal matters. 



In this country there have been specific instances of govern- 

 ment action to co-ordinate our resources for peace, but the sub- 

 ject of reconstruction as a whole has not yet been considered. 

 Our policy of preventing co-operation in business was modified 

 by the enactment, April 10th, of the Webb law authorizing co.n 

 binations in export trade, and in order to have co-operation in its 

 truest sense, further changes must take place. 



.■\ continuation of the war must entail more extended govern 

 ment control and price fixing, but the information obtained b\ 

 government agencies for that purpose should prove invalu-ibli- 

 in directing the readjustment of business to peace conditions. 

 The inventory of our national resources that has been taken 

 should indicate very clearly where production is most urgently 

 needed, and if this information is properly disseminated, serious 

 industrial losses may be prevented. 



The readjustment of labor will be one of the most serious prob- 

 lems after the war. The immediate effect of peace will be the 

 cessation of war industry, and many will be thrown out of em 

 ployment, at least temporarily, through the shutting down of 

 plants. .As demobilization proceeds this army of unemployed 

 will be considerably augmented unless business activity in other 

 directions is stimulated. Immigration from Europe may still 

 further aggravate the situation, unless there are restrictions on 

 emigration from European countries, or conditions there that 

 will induce labor to remain at home. Present indications are th.it 

 on account of depleted population, efforts will be made to pre 

 vent emigrtition from European countries. 



Today conditions are different, and although our need for in 



AU Thre« of Uf Will Be Benefited if Yc 



creased agricultural production is great, it is more likely to be 

 obtained by improved agricultural machinery than by large addi- 

 tions to farm labor. With improved means of transportation how- 

 ever, the whole world is now as readily accessible as the West 

 was after the Civil War. Emigration will be necessary to main- 

 tain and develop our foreign trade, and to some extent that 

 should act as a corrective of our labor troubles. 



The demands of war have resulted in large additions to the 

 ranks of women workers, and after the war many of them will 

 doubtless continue in the positions that they now occupy. Women, 

 however, are not adapted to heavy manual labor, and in the in- 

 terests of the race, their employment at such work should be 

 discouraged. 



After the war, taxation must be heavy for some time to meet in- 

 terest on and the amortization of our indebtedness, but as we have 

 no external indebtedness, this taxation will not lead to any actual 

 depletion of our resources although it will involve some changes 

 of ownership. Owners of government bonds will receive in pay- 

 ment of principal and interest, the revenue obtained by taxation 

 for that purpose, and as these bonds are owned by over 20,000,- 

 000 people, the burden of taxation will not be nearly so heavy 

 as if many were taxed to make payments to the few. 



Other nations must bear a much heavier burden than we on 

 account of their external debt which must be paid for with pro- 

 duction. The necessity of meeting maturing obligations for in- 

 terest and principal should give an impetus to manufacturing in 



of which there will probably be a very serious shortage. As the 

 leading producers of raw materials, we have sufficient, if not abund- 

 ant, supplies to enable our manufacturers to produce to capacity. 

 Our exports for the fiscal year ended June 30, 1914, were 

 $2,364,579,148, and for the fiscal year ended June 30, 1917, 

 $6,293,806,090. 



What are the prospects for maintaining this trade after the 



Tl 



VENEERS AND PANELS 



PLAIN OAK 



BROWN ASH 



GREY ELM 



AV:\,' MAPLE 

 ISSWOO 



WISCONSIN'VENEEER CO. 



m.\ni;kacturers 



RHINELANDER, WIS. 



MenUon HARDWOOD RECORD 



