I AM PLEASED AND FLATTERED to be with you and also to speak on the same program with Commissioner Nelson Lee Smith of the Federal Power Commission, whom I often appear before in regulatory matters affecting the natural gas business. Although I have occasions to disagree with him, I respect the integrity of his thinking and have found him at all times willing to listen to an argument with an open mind. When Mr. Stathas asked me to appear before you I had some reluctance to talk about the natural gas industry to such a well-informed group. I had even more reluctance when he suggested that your principal interest would be in the problems of the industry and that my talk should be limited to about 25 minutes in order to allow ample time for questions. Your profession is to question, and your astuteness is well recognized. Though I am doubtful of my ability to answer your questions, I am prepared to try.