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need. But we have to slow down temporarily, for we can only GIVE
as we receive, and as facilities make possible. This temporary
slowdown is like the cocking of the trigger of a gun. The Work
will shoot on ahead faster than ever. It always has, after other
temporary slowdowns during the past THIRTY-FIVE YEARS.
Co-Workers, these very conditions -- and our very SUCCESS --
has resulted in putting the great worldwide Work of God in a
temporary tight squeeze. There are very encouraging signs that the
financial recession the country has been in for more than a year
is about over. An UPTURN has already begun. Just day before
yesterday the nation's major banks reduced the prime interest rates
of loans. This caused an immediate soaring of the stock market.
It has raised hopes in financial circles of a soon-coming END of
the tight credit squeeze.
Meanwhile, we must TAKE THIS SITUATION, AND THE ABSOLUTE
PRIORITY OF THE WORK OF GOD OVER EVERYTHING ELSE IN OUR LIVES, VERY
SERIOUSLY! We have to SACRIFICE personally, and willingly for the
sake of the MOST IMPORTANT WORK ON EARTH.
All of our chief executives in this Work here at Headquarters,
and in our offices around the world, have voluntarily and HAPPILY
agreed to salary cuts -- of 20% for the top fifteen or so, of 15%
for the next 30 or so, and slightly smaller cuts for another 40 or
50. This is temporary. In spite of the tight money market,
insurance companies have given us large loan commitments for
additional construction for our printing plants and data processing
center and such dire NEEDS for carrying on the Work. BUT we are,
ourselves, postponing the acceptance of these loans and this needed
construction UNTIL the general financial condition of the Work
has built up to normal. But it is indeed encouraging to realize
that major banks and insurance companies on both the west coast
and the east coast have that kind of CONFIDENCE in this Work and
its management.
Now let's all PUT OUR SHOULDERS TO THE WHEEL, make what
sacrifices we are able, GIVE what each is able, LOAN what we have
that we are unable to GIVE outright, and soon that "cocked gun"
will SHOOT the Work forward again as never before, until we shall
have accomplished completely the GREAT COMMISSION to which the
Eternal has called us!
Sincerely, in Christ's name,
Herbert W. Armstrong