290 ' BANQUET. 



The President: — The next toast, gentlemen, is "Our Ships and Shipbuilders." I 

 will call, to respond to that toast, a gentleman who has never shown greater spirit, energy 

 and determination than in these last eight months. He has shown great spirit in shipbuild- 

 ing, and none can respond better than the Honorable Charles M. Schwab, Director-General, 

 Emergency Fleet Corporation. 



