PROCEEDINGS IOWA FAIR MANAGERS ASSN. 177 



and necessary and how pleasing it is to all concerned when the results 

 compensate the management for their efforts. But granting all that I 

 cannot forego the conviction to sound a note of warning against unneces- 

 sary extravagance, especially at a time when we are face to face with a 

 new condition. While we may not like this new condition nevertheless 

 it is here and we must meet it. To meet it successfully we must apply 

 principles so far as successful management is concerned and they will be 

 found to be the same principles that successful business everywhere has 

 found necessary in the conduct of its affairs. That is the purpose of the 

 budget. 



It is said of the "Canny Scot" that he is not "stingy," but "careful" and 

 in that light I ask that you construe my thought. I think its an axiom 

 in business that goods well bought are half sold, and if fair managers 

 forget this axiom and purchase recklessly and more than their people can 

 buy or are at least willing to pay for it's not only a bad bargain but usually 

 proves a costly one. For if you cannot sell your show to the people at a 

 profit the venture is a losing one and an unsightly deficit springs up to 

 stare you in the face for the balance of the year. 



It's seldom any manager buys all he wants, but that should not be his 

 motto. Better that he buys that only which he can reasonably expect to 

 pay for. 



Some fairs because of larger territory and bigger towns to draw from are 

 enabled and expected to put on a big expensive show, while it would be 

 rank suicide for others who are not so favorably situated to attempt so 

 pretentious an affair. 



Rivalry between fairs of these two classes will end in inevitable disaster 

 for one of them. The years 1919 and 1920 were fruitful of record attend- 

 ance and receipts and while we would all v/ish for their continuance it is 

 very doubtful if a recurrence of such prosperity will again gladden our 

 hearts for some time. 



We are a rural people and fair patronage in Iowa is mostly from the 

 farm and I think every one is aware that during this period of liquidation 

 the farmer is the greatest sufferer. Bearing this in mind the wise man- 

 ager will arrange the size and expense of his show so that it will be salable 

 to his community, and by the strict application of the Budget System to 

 the expenditures in relation to the receipts as based on the average total 

 yearly revenue for a period of years prior to 1919, will enable the fairs to 

 tide over and greatly lessen the effects of lean years if they should be in 

 store for us, so that you will be in a position to take full advantage and 

 function with greater glory in the fat years that surely await you. 



President Hoffman : Gentlemen, we are honored with the pres- 

 ence of Hon. Henry C. Wallace, Secretary of the United States 

 Department of Agriculture. Mr. AVallace intended to speak to us 

 tomorrow but has been called back to Washington, and will talk 

 to us this afternoon. 



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