Organization for Better Accounting and Financial Service
BY DANIEL M. SHEEHAN PARTNER, HOUSTON OFFICE
Presented before the Financial Section of the American Drug Manufacturers Association, Colorado Springs — October 1956
Members of the Financial Section of American Drug Manufacturers Association:
I am pleased to be with you today to discuss "Organization for Better Accounting and Financial Service", a subject which has been of great interest to me for many years.
We are in a changing world — there is no doubt about it. Scientific developments of the past two decades or so have had a great impact on our civilization.
It is becoming evident that the great developments in the field of nuclear energy will have an effect on all of us. Today we are all most conscious of the atom and hydrogen bombs and realize that the storehouse of these bombs at the present time, in their various sizes and kinds, could obliterate civilization in the event of an all-out war. On the pleasant side, we appear to be on the threshold of the utilization of atomic energy for industrial power and other peacetime uses. We are told that as a result of this development it may be possible to construct
plants in sections of the country where heretofore it was uneconomical
to do so because of the lack of power, thus bringing more ac-tivity and prosperity to communities in diverse areas of the nation.
Expenditures for research by industry have been great and the indication is that they will be progressively greater in the foreseeable future —
New and modern research and engineering centers have been erected to provide every facility to stimulate research accomplishment.
Fellowships have been awarded by industry to educational institutions
and individuals to provide for study and research in technological
New and better products have been developed.
Process development has brought about costs which, if it were not for this research, would be much greater.