PAC Meeting (Continued from page 1) and in full. Surprise Skit Ad^jng a little life to the dry figures that always accompany a financial report. J. F. Glenn, secre tary-treasurer of the organization, joined with sereral of the stock holders to present his report in a question-and-answer type program. As Glenn started to present the report, several of the members be gan interrupting him. and they, in fact, caused quite a sensation be fore the audience caught on that it was planned beforehand. As the questions came in, it became ap parent that the 1956 report was a favorable one, but the net income was lower than the preceding year. Glenn explained that the reason for this was the fact that the cost of the money the association had to borrow had increased and this caused the net earnings to drop considerably, Glenn said that the solution was to increase the number of loans be ing made by the association. He said he did not mean for the mem bers to borrow more money, but suggested that they steer their friends to the association to borrow money. He said the way to increase the income was to do so without In creasing the expenses, and they need more business to operate more efficiently. Using a chart that went back to 1950, the secretary-treasurer showed where the interest income of the PCA had increased from $33,403 in 1950 io $60,950 in 1956. However, the interest expenses also increased from $12,792 to $32,250. “The as sociation was borrowing money at two per cent in 1950." he said, “but; it is now being borrowed at three i and four per cent." The average! percentage being paid by the PCA member has also risen from five to : six per cent in the last six years. Urges Local Independence In the featured talk. Congressman Abbitt used the PCA and NFLA as a shining example of what people can-do when they work together. He pointed with pride to the fact that this organization is entirely owned by the farm citizens of this area. He warned the citizens of the state to watch out for Federal aid with the advice not "To look to Washington for something f. r e e. When it comes from Washington." he emphasized, “you have to pay and pay through the nose for it." Abbitt was firm in w arning against Federal aid for s c h o ols. “There is no such thing as aid with out control," he shouted to the audience. He pointed to the Federal highway system as another example of the power and spending that characterizes the present adminis tration. “For every $100 collected for the highway we get back only $60 to be used," he said. "The other

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