186 TWENTY-SECOND ANNUAL YEAR BOOK— PART III 



stuff, they throw it out. They have a co-operative lumber mill up in one 

 of the California forests where they make their own boxes. They have 

 inspectors all along the way. They operate their own refrigerator cars. 

 They study the demands of the consumer in every large city. They do not 

 flood the market of one city with oranges. They start a car east and they 

 direct that car wherever they find the market for oranges is likely to be 

 good by the time they get there. If something happens before they get to 

 that destination, the market goes off, they stop it and send it some place 

 else. In other words they apply business principles. In all frankness we 

 have not done that, and have not made intelligent organization in Iowa. 

 We have got to do that if we maintain Iowa agriculture as we must main- 

 tain it. We have got to get the Iowa farm on a basis where it yields a 

 fair return in the money invested in land; where it yields in addition 

 to that a fair return on the working capital; where it yields in addition 

 a fair labor return to the man who farms, to enable him to live decently, 

 maintain his schools and churches, maintain his lodges and bring up his 

 children and give them educational advantages and social advantages, to 

 take care of his wife and give her home conveniences she has a right to 

 demand and at the same time maintain the fertility of Iowa land for the 

 generations to come after us. 



President Hoffman : I am sure we all appreciate Mr. Wallace's 

 talk. We have all been good listeners. We will now go on with the 

 prog-ram. Mr. Corey will talk to us on the Budget System. 



Mr. Corey: Mr. Chairman and Gentlemen of the Iowa Fair Managers 

 Convention: I assumed, when I was placed on the program with Mr. 

 Mullen to discuss the subject of budgets, that he would cover the matter 

 thoroughly, and I now feel that I was justified in my prediction. 



This subject of budgets is one of considerable interest and of great im- 

 portance to all fair managers at this time. In analyzing the financial 

 reports of the Iowa county and district fairs, for the past year, I find they 

 have encountered the same difficulties as the state fairs, Iowa State Fair 

 included. The Iowa fairs, as well as the fairs of the whole country, have 

 been riding on a wave of prosperity up until the year 1921. During the 

 year 1921 the fairs truly reflected the financial conditions of this country. 

 The apparent slump in attendance and receipts from an average or normal 

 was not as great as we might at first think it was. 



If you will eliminate the two abnormal years of 1919 and 1920, for the sake 

 of comparisons, you will find the fairs had a fairly prosperous year in 

 1921. The trouble with a great many fair managers the past year was 

 that we did not anticipate that the attendance and receipts were going to 

 return to normal quite as soon as they did, and for this reason not many 

 fair managers trimmed their expense budgets to fit th,e income. 



I was very much interested in the report of the statistical committee of 

 the International Association of Fairs and Expositions made to our con- 

 vention in Chicago on November 30. This report showed that the attend- 

 ance and receipts of practically every state or interstate fair in the United 

 States showed a falling off. One fair showed a reduction in receipts of 49 



