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included some 350 NPDA members and their wives from across the country, Hazen said the present system of government-subsidized home loans is "inherently harsh, dangerous and inelastic to the borrower, (periodically forcing) foreclosures in case of default, especially under FIIA."

Hazen attacked government loan subsidies preparatory to outlining a proposal for financing of homes by free enterprise means. His proposal would involve an organization that would function in the home loan field in much the way Lloyds of London functions in the shipping field through pooling of risks. He declared that such a system would more closely fit the needs of the borrower and that he expected that such facilities would be available within a year.

In the election of other of;Ecers for the association, the following plywood leaders were named:

Vice-president-A. W. Agnew, vice-president, The Pacific Coast Company, Sonoma, Cal.; secretary-Monford Orloff, general manager, Mt. Baker Plywood, Inc., Bellingham, Wash.; and treasurer-C. Henry Bacon, Jr., vicepresident and general manager, Simpson Logging Company, Shelton, Wash.

Trustees included Martin N. Deggeller, president, Harbor Plywood Corporation, Aberdeen, Wash.; Fay L. Foval, assistant general sales manager, The Long-Bell Lumber Company, Longview, Wash.; Corydon Wagner, Sr., vicepresident and treasurer, St. Paul & Tacoma Lumber Company, Tacoma, Wash.; and Robert N. Kelly, general sales manager, M and M Wood Working Company, Portland.

In his annual report. from the policy-making Manage-