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Thursday, 30 April 1942

Elimination of speculators in industrial stocks, nationalised transport. Government di rectors in all industries, and labour repre sentation on boards of directors are among the post-war reconstruction ideas advanced by Mr. Samuel Courtauld, the industrial magnate, in an article in the " Economic Journal,"

Commenting on the article, the "Financial News " says : " Some of Mr. Courtauld's views are, to say the least, surprising." [Mr. Courtauld is 65. He has been chairman of the great rayon and textile combine, Courtaulds, Ltd., for 21 years. Courtaulds, Ltd., has issued capital of £stg32,000,000. operates18 plants in Britain, and has controlling interests in a number of other companies, including some on the Continent. Mr. Courtauld is a member of a family noted for philanthropic activity. He is a trustee of the National "Gallery.]

Mr. Courtauldsays in his article:

1.   Production is the nation's most vital activity.

2.   Government control has come to stay, and no Government can tolerate industrial combinations "whose boundaries are practically co-terminus with the nation's," and the same overriding principle applies to trades unions. Therefore the Government must plan industrial growth.

3.   The existing Government bureaucracy has proved incapable of conducting business efficiently, so it needs to be radically reformed.

4.   Labour is going to share more in both managements, policies and industry's rewards.

5.   Gambling in industrial shares is a malignant disease of industry.

6.   The English genius for social evolution and compromise can find a middle path between pure individualism and pure Socialism. " The road will shift progressively in this direction, leaving vested interests out in the cold. Unless the men in possession are prepared to compromise, there is no alternative to a complete Socialist revolution."

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