UP TO THIS POINT we have been considering the growth of population in the United States, but have not discussed its redistribution. For some parts of the country are growing while others are declining in population. Let us first review the main trends with respect to redistribution as revealed by the decennial census taken last year. I shall approach the subject by trying to identify those parts of the country which appear to be slated for growth, and those which evidence little growth potential, whatever happens to be their rate of natural increase. For, by and large, the place to invest in for many purposes is the place where population is growing. Because of the pressure for capital arising from foreign sources and because of our heavy taxation, I would expect interest rates to remain firm and probably to feel some upward pressure for several decades at least. I do not believe that profit rates will be affected by the slowing down of population growth in so far as profit depends upon risks and uncertainties. The slowing down of the rate of population growth should, however, reduce the significance of the growth factor for many industries unless they can devise new products and so start up on a new growth curve which is largely independent of population for a while. Perhaps television is a case in point. Even so, the profitinterest ratio should favor investment in equities, and this in turn should strengthen interest rates.