It is when things go hardest, when life becomes most trying, that there is greatest need for having a fixed goal.

Inflationary trends are under way. Wage increases, through strikes or threatened strikes, are rampant. Government expenditures are ballooning ominously. Hoarding has contributed unconscionably to price-boosting. The Government should institute measures calculated to arrest inflation. America's commitments are already so mountainous, international and domestic, that the pruning knife should be applied. You and I, all American taxpayers, don't possess limitless resources-our pockets are not bottomless. Curb inflation at every turn!

Frank W. Woolworth once told me that the turning-point in his career did not come until he was thrown flat on his back by illness. He was sure that his business would go to pieces during his long, enforced absence. Instead, he discovered that he had in his employ men who could overcome difficulties when given power to exercise initiative. After that Woolworth left many problems and difficulties to be solved by subordinates and turned his attention to big things.

The man of fixed ingrained principles who has mapped out a straight course, and has the courage and self-control to adhere to it, does not find life complex. Complexities are all of our own making.

If the United States is to produce a nation of investors-as we must if we are to gain financial world-leadership-it is imperative that boards of directors be so constituted as to adequately represent the interests and inspire the complete confidence of investors of moderate substance.

Which class is happiest, the rich, the middle class or the poor? A very successful executive of a large organization touches upon this vital subject in a long letter to all his salesmen. He uses as his text a passage from Robinson Crusoe which included this: ""My Father bid me observe it, and I should always find that the calamities of life were shared among the upper and lower part of mankind; but that the middle station had the fewest disasters, and were not exposed to so many vicissitudes as the higher or lower part of mankind.

The British have their own conception of what constitutes the typical American. He must have a flavor of the Wild West about him. He must do spectacular things. He must not be punctilious about dignity, decorum and other refinements characteristic of the real British gentleman. The Yankee pictured by the Briton must be a bustler. If he is occasionally flagrantly indiscreet in speech and action, then he is so much more surely stamped the genuine article. The most typical American the British ever set their eyes on was, in their judgment, Theodore Roosevelt.