THE NATIONAL CHAMBER OF COMMERCE
happiness of life. In order to perform its function it must offer a
sufficient opportunity for gain to compensate individuals who assume
its risks, but the motives which lead individuals to engage in busi-
ness are not to be confused with the function of business itself.
When business enterprise is successfully carried on with constant
and _efficient endeavor to reduce the cost of production and distribu-
tion, to improve the quality of its products, and to give fair treat-
ment to customers, capital, management and labor, it renders public
service of the highest value.
We believe the expression of principles drawn from these funda-
mental truths will furnish practical guides for the conduct of busi-
ness as a whole and for each individual enterprise.
I. The foundation of business is confidence, which springs from
integrity, fair dealing, efficient service and mutual benefit.
II. The reward of business for service rendered is a fair profit
plus a safe reserve, commensurate with risks involved and foresight
exercised.
III. Equitable consideration is due in business alike to capital,
management, employees and the public.
IV. Knowledge—thorough and specific—and unceasing study of
the facts and forces affecting a business enterprise are essential to a
lasting individual success and to efficient service to the public.
V. Permanency and continuity of service are basic aims of
business, that knowledge gained may be fully utilized, confidence
established and efficiency increased.
VI. Obligations to itself and society prompt business unceas-
ingly to strive toward continuity of operation, bettering conditions
of employment, and increasing the efficiency and opportunities of
individual employees.
VIL. Contracts and undertakings, written or oral, are to be
performed in letter and in spirit. Changed conditions do not justify
their cancellation without mutual consent.
VIII. Representation of goods and services should be truthfully
made and scrupulously fulfilled.
IX. Waste in any form—of capital, labor, services, materials or
natural resources—is intolerable and constant effort will be made
toward its elimination.
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