What is wrong with the British iron and steel industry?

Bibliographic data

Monograph

Identifikator:: 1868556093

URN:: urn:nbn:de:zbw-retromon-249484

Document type:: Monograph

Title:: What is wrong with the British iron and steel industry?

Place of publication:: [London

Publisher:: The London Caledonian Press]

Year of publication:: 1931

Scope:: 23 S.

Digitisation:: 2022

Collection:: Economics Books

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protection of their interests by the State who are the most vociferous in demanding the complete freedom of private enterprise. Even so, the State cannot in the shaping of a national policy disregard the economic importance of the enterprises coming within its purview. One of the evils of to-day is the misdirection of capital and credit to wasteful purposes or in directions which have little or ne economic or social value. It is the duty of the State to ad- just these anomalies. Further, while insistent demands are made for the Governmient to guarantee credit to Russia and other countries to construct and expand their industries, the possibilities of a similar policy at home appear to be overlooked. It is not without some significance that there.is not an iron and steel industry in the world that is not accorded some form or degree of security in its home market. This, however, may be provided in more than one way, and undoubtedly the best method of obtaining fair trading conditions and security is by international agreements,, and these can be combined with due protection for labour and safeguards for the consumer. Where, however, countries refuse reasonable agreement, as an alternative to uneconomic competition, other alter- natives to control the situation must be applied. If therefore the attitude of British iron and steel manu- tacturers is that all that is necessary to remove the diffi- culties of the industry is to impose protective tariffs, we cannot subscribe to that view. Such a short-cut method of solving a complicated problem has the appearance of a gambler’s throw and one which would, in our judgment, make the industry the by-play of political factions and intrigue and provide ‘a shelter for inefficiency and incom- petence to the ultimate detriment of the more progressive elements. That, however, does not prevent through national machinery a proper regulation and control of international trade, or the formulation of international agreements. A well-organised and efficient industry would in itself provide a strong and authoritative medium of adjustment of competitive conditions and for securing such agreements. The present tendency is for these to be formulated without public knowledge or due regard for public interest. Realising the need for such regulation, we proposed to the Government in a letter addressed to the President of the Board of Trade in August last the following :— “That in connection with a scheme of national organisation, the Government shall set up an Imports and Exports Board, whose duty it shall be to nego- tiate with foreign producers with regard to inter- trading relations, and which Board shall be authorised to regulate, restrict or prohibit imports if the nature of the competition and other circumstances justify ( 16)

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