60
F.408
Growing Prosperity.
BRITISH FINANCE AND COMMERCE.
By Robert Mackay.
Ordinary commercial and industrial business in Great Britain has
been maintained at a high level, in spite of the constant accelerat-
ion of the rearmament programme, so that prosperity is well distribut-
ed throughout all classes of the community. Indeed the most notable
aspect of the British economic position to-day is that ample resources
are available to carry through rearmament, while at the same time the
volume of British exports is increasing.
In addition, there has been no curtailment in the supply of
goods and services to meet the needs of consumers in the home market.
The latest index of British business activity has risen to nearly
110, in comparison with 100 at the beginning of this year. This is
the sharpest rise for many years past over so short a period, and
the level of 110 is, besides, a particularly good one when it is
remembered that 100 was the high figure for 1929, the year in which a
period of world trade expansion came to an end.
No better indication of the sound nature of the present trade
expansion in Great Britain could be afforded than the fact that
the output of consumption goods nas not declined in consequence of
the increased production of armaments. Moreover, though more money
is being paid out in wages, prices have remained almost unchanged.
The latest reports from industrial centres show that there are but
few signs this year of the normal decline in business activity in
the summer, and it is anticipated that there will be a still
further expansion of trale after the holidays.
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