262 INDUSTRIAL REVOLUTION AND WAGES

Reference has already been made to the splendid proposal
of Messrs. Foster and Catchings for a Federal Board for
collecting data and formulating policies. The former
President of the Chamber of Commerce of the United
States, Mr. Lewis E. Piersons, also, in an address delivered
at the annual meeting at Washington in May, 1928, declared
 that business could not expect to secure the full
benefits of the newly created industrial order until the same
degree of cooperation which had prevailed in certain
branches of industry was extended to industry as a whole,
and a general, coordinated basis of procedure gradually
adopted. His significant remarks in this connection were
as follows :2

We know that we are headed in the right direction. Yet
all of us, I think, are conscious that this new alignment of
the forces of industry creates new problems and imposes new
responsibilities which must be met and solved by those who
have been called to business leadership.
Modern management stands as the representative of three
separate and distinct interests. It represents Capital, which
supplies the plant. It represents Labor, whose progress depends
 upon the competency and the vision of those in management.
 It represents the Public, which uses the product,
and which must rely upon industrial leadership for the maintenance
 of national prosperity.
We have all been satisfied to cooperate on affairs of immediate
 need. We have proved our ability to work together for
the things which directly and presently affect the tides of
trade. We have been able to secure common action on matters
 which pressed for immediate decision.
Yet before we can hope to exhaust the benefits of our
new economic policy we must project our cooperation to
still another level. We must find a way to cooperate on prob-1
 See p. 244.
2 Ante cited, p. 247.