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 0 P Y EXHIBIT F


 CODE AUTHORITY
 LADIES' HA'.kDBAG I'MUSTRY
 347 FIFTH AV.JUE
 NEW YORK



 March 13, 1935



;ol. Waltbr Man'gum
)eputy Administrator
commercee Bldg.
Fashington, D.C.

)ear Col. Mangum:

: transmit herewith for your approval the budget for this Code Authority
,rom the period March 26', 1975 ending March 25, 1936, together with cop-
.es of the resolutions passed by the Code Authority.

7his budget shows a substantial reduction over that of the preceding one.
Here are but one or two items to which I believe it necessary to draw
tour special attention. The first is "Handbags Purchased $200." This
lode Authority has from time to time found it necessary to purchase bags
Advertised and displayed in the stores, so that they may check sources
If supply and curb, wherever found necessary, unfair advertising state-
lents made by various outlets.

!he second are two items of 55000. each, for "Statistical Work", and
ITrade Development and Research". This Code Authority has during the
ast twelve months be3n endeavorin- to get together a picture of this
industryy to the end that industry might better know itself, and -oossibly
,herein find the answer to some manufacturing and distributive problems
;hat have troubled them for so long. A go6d start has been made, and
feel that this type of work should be encouraged..

askingg the budget as a whole, it meets my entire approval. Each item
n it has been carefully weighed and I think the Cole Authority is to
e commended for the care with which they have aouroached this important
latter. I therefore ask your approval of it.

 Very truly yours,

wP:E:A (Signed) 0. W. Pearson
  .- *0. W. Pearson
 Administration ,Member
 Code Authority Ladies' Handbag Industry