Explanation

—GG———
Re —

HE Board of Directors in authorizing
 submission of a report
 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 referendum
 a carefully selected committee
 is appointed to analyze each
question and report its conclusions.
The purpose of the referendum is
to ascertain the opinion of the commercial
 organizations of the country,
 not to secure the approval of
the recommendations voiced in the
report. Only the vote of the member
 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.