Explanation 
—GG——— 
Re — 
HE Board of Directors in au- 
thorizing submission of a re- 
port to referendum neither 
approves the report nor dissents 
from it. In order to inform the 
members as fully as practicable on 
the subject submitted to referen- 
dum a carefully selected commit- 
tee is appointed to analyze each 
question and report its conclusions. 
The purpose of the referendum is 
to ascertain the opinion of the com- 
mercial organizations of the coun- 
try, not to secure the approval of 
the recommendations voiced in the 
report. Only the vote of the mem- 
ber organizations can commit the 
Chamber of Commerce of the 
United States for or against any of 
the recommendations submitted by 
the committee and until such vote 
is taken the report rests solely upon 
the authority of those who have 
signed it.