1dvantages of lower costs through mass production 
should not be given up. If an agreement were made 
in a proper manner among a large proportion of the 
producers the remainder of the producing industry 
would be forced to follow suit. Perhaps if the men 
ike Mr. Hoover of the Department of Commerce, 
and other leaders of the country, especially the 
bankers, could take concerted action in the matter 
in some such way as has been taken by Mr. Hoover 
in the elimination of waste in industry, some means 
night be discovered by which to escape the highly 
1ndesirable situation that now exists.” 
BELIEVES PRODUCTIVE EFFICIENCY WILL 
INCREASE 
E. W. KemMERER, Professor of Economics 
>f Princeton University, writes from War- 
saw, where he is in the midst of preparing 
2 final report for the Polish Government 
on currency and banking reform. He states 
that he has been abroad so much of late 
that he does not feel altogether qualified to 
give any detailed opinion with respect to the 
matter. He says, however, that as a general 
proposition, small inventories and rapid turns 
sver make for economic efficiency and that 
the new situation has probably come to stay. 
He does not believe that the possible sacri- 
ice of the economics of large scale produc 
tion need in most cases be a serious offset to 
the advantage of rapid turnover. His rea 
sons for this conclusion he gives as follows: 
“The increasing size of the market to which 
large industries sell their goods, the great de- 
velopment in recent times in the use of inter- 
changeable parts for machinery, and the 
ready adaptability of manufacturing plants 
to the changing qualities of goods required 
by changes of style are all factors making for 
sreater efficiency in production.” 
IN CONCLUSION 
It is hoped that the foregoing resume, 
-ouching as it does practically all of the great 
industries of the country, will serve to clarify 
thought on some of the problems with which 
business today is confronted because of “cur- 
cent buying” practices. 
The emphasis of those who offer solutions 
which may tend to remedy whatever unfor- 
tunate effects have resulted from ‘current 
buying” seems to center upon three basic 
orinciples: 
1. A greater standardization in the 
more staple articles of merchandise such 
as clothing, shoes, underwear, hosiery, 
suilding materials, tires etc. 
2. A closer cooperation between the 
manufacturer and the distributor, job- 
ber or retailer so that the manufacturer, 
who is of necessity compelled to produce 
his goods far in advance of consumer de- 
mand, will avoid to as great an extent 
18 possible the manufacture of such arti 
zles as will be unacceptable to the retail 
rade. 
3. The adjustment by the manufac 
curer of his raw material purchases and 
manufacturing schedules to bring about 
an equalization of the peaks and valleys 
of his production program. 
No reference is made to the country’s 
rransportation situation as it has been so com- 
srehensively set forth by the various railroad 
>xecutives whose opinions have hereinbefore 
seen given. It should be stated, however, 
hat an increasing mileage of good roads, 
coupled with the progress being made in mo- 
‘or transport, should ultimately produce so 
valuable an adjunct to the rail transportation 
facilities of the country as to minimize the 
dossibilities of any serious shortage arising 
‘rom that source.