May I first of all say that I am fully conscious of the great compliment paid to me when I was invited to accept the Presidential Chair for this current year. I realise that it is an onerous task by reason of the fact that the Chair has been occupied in the past by so many able and distinguished men, and I realise also that I have been set a standard which is hard to emulate. "It is my desire however, in accepting the post that I may be able to contribute in some small measure to the further advancement Of the aims and objectives of the Institute and I thank you all for the confidence you have shown in me.Secondly, on behalf of the Company and in my Presidential capacity, I want to extend to each and everyone of you a hearty welcome to Whyalla and I hope that you will all return to your respective fields of endeavour feeling that you have had a most interesting, enjoyabIe and instructive time with us here in Whyalla.In this year of 1951 marking as it does the culmination of the first 50 years of Federation in Australia and yet another half century of human endeavour and progress, we are brought to a point where it is perhaps natural that we should pause, to review what has been achieved, in that span of time, and to look at the tasks ahead.It is no exaggeration to say that the story of Australian development since the inauguration of the Commonwealth 50 years ago has no more remarkable chapter than that of the-growth of its manufacturing industries.Each decade has borne witness to steady and substantial growth of our secondary industries and whilst it is true that our financial well-being still rests heavily on our primary production, we have, as a nation, moved surely in the direction of a more balanced economy. More and...