"We in the industry estimate] that, say, 60 per cent. of all automobiles produced are sold on credit through instalment payments. If thig credit. was not available we' would have no motor me dustry as we know country to-day. To-day the greatest industry' in the world and can be credited largely if not] wholly with the prosperity our country and its people are enjoying. his is a bold statement, but let us state and analyze the facts on which it is based.
"In, 1926 the retail value of autotrucks and parts produced ted at six billion dollars. we add the cost of build ing and maintaining garages alli over the country, the cost of new! roads built and old roads maintained to meet automobile demands, we! quickly reach a total of ten billion dollars of wealth created by what! By the ability of our people through consumers' credit to buy automobi and thus satisfy their desire to go on wheels and go fast, "This ton billion dollars of goods and services, annually attributable fo the automobile industry, is wealth! Sreated almost entirely within the United States, practically the only material imported being rubber for automobile tyres."
Prosperity Due to Instalment Plan The speaker considered another} Slemout in the automotive induatry'e
Text read from the printed page and cleaned; old type leaves the occasional error.