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Show WARBURG URGES BUDGETSYSTEH Former Vice Governor of Reserve Re-serve Board Addresses As- I sociation of Credit Men. 1 DETROIT, Mich., June 10. -A national na-tional budget R.vsiom was advocated by Paul M, Warburg, former vice Ovarn ur of tho federal roservo board, addressing ad-dressing the opening tinsblon of the Natlonul Aiwoclallon of Credit Men here today an tho only moann of effecting ef-fecting groaltir economy In thtj nalhm. al administration which, he said, wan nerpjnary to bring about s proper re. ' adjiiBtmenl of prices nnd normal tax. ation. Mr, Warburg likened the financial UiiftlBJtrftUQP UiP K0 erGineftl to department store where chiefs of vari-lous vari-lous sections entered into commit! iin m ublis.iting ih - corporation without with-out knowledge of what expenditures were being undertaken in other de-, de-, partments. "That." continued the speaker, "s I substantially the condition of the United States. The financial methods of our gONernmeut must undergo a I thorough reorganization, our future as world bankers offers opportunities which baffle the imagination. These 'opportunities are o laige that even our phenomenal bankuiL strength ma sooner or later threaten to become ex hausted unless scientific economy is practiced from top to bottom. "We should have a permanent board to co-ordinate the estimated income and expenditures." Mr Warburg declared American trade acceptances' were destined to play an important part in promoting American trade throughout the world. There are now outstanding approximately approxi-mately $500,000,000 bankers acceptances accept-ances drawn in ilmot every part of the globe 'but this is only the beginning," begin-ning," he said. American business, he concluded, must husband its resources and con centrate its effort in doing construe live things based on produetlon and Saving rather than be lured on bv fictitious fic-titious prosperity born of easy money and unnecessary inflation of credit and j prices. J |