2 JULY 1932, Page 17

This sort of thing happens perpetually with most produce in

Britain. The alleged laws of supply and demand do not work. It may almost be said that there is no such thing as over-production (which is wealth) but only under-consumption (which is poverty). With Britain, of all countries, with its 42,000,000 people, over-production is impossible and under- production, which is a progressive malady, is peculiarly fatal. There is no doubt at all that standard prices would ensure standard production and automatically end a number of the worst evils from which our economic civilization suffers. It would develop a better sort of fanner, a better sort of dis- tributor and a healthier consumer.