Such an estimate is so disappointing as to be almost
terrifying. We come back with deepened conviction to the conclusion that the Rationalization of industry, directed to the elimination of waste and the consequent reduction of prices, is the only cure worth talking about, In those industries which are backward in setting their own house in order the Government must supply the necessary guidance and encouragement. If such a thing as Government inspiration for industrial co-operative effort is possible in the United States, the most highly individualistic country in the world, it is undoubtedly possible here. Admittedly the American conditions are very different from our own, but President Hoover has at least provided a model. Mr. Thomas, not being an economist, is painfully at sea, as may be judged, for example, from his recent little incursion into the econo- mics of women's pin money. He is, however, more to be commiserated than blamed ; he shouldered a mass of election promises which committed him from the begin- ning to wrong and expensive policies. The chief hope now is that the Prime Minister will recognize that the formation of his proposed Economic Council, bringing in the most scientific advice obtainable, is a matter of great urgency.
