SAFEGUARDING CAPITAL.
In view of the present superfluity of Ministries and the need for reducing the cost of political administration, I am not so much seriously urging that a Ministry for Capital should be established as I am suggesting that there would be as Much ground for urging the establish- ment of such a Ministry as there may have been years ago for urging the establishment of a Ministry of Labour. As a matter of fact, the existence of either Ministry might well be deprecated on the grounds that it is for the Government of the day to see to the national interests as a whole and not specially to the interests of any one section. If -this tendency to which I have referred of the so-called Labour interests being safe- guarded and furthered at the expeiiie of capital had resulted in increased prosperity, a quickening of industry and an increase in employment, there Would perhaps be no reason to comment unfavourably upon the development, for the economic strength of the country as a whole would presumably ' have • been increased even though as a result of redistribution of wealth certain sections might have suffered. It must be remembered, however, that the acute depression from which this country is now suffering cannot be entirely attributed to the world depression for it was pronounced here years ago when other countries were enjoying great prosperity and I doubt very much if world depression were to be relieved to-morrow whether this country could obtain its full share in that prosperity so long as capital and industry are handicapped by spendthrift Governments and by a financial policy so frequently inspired by the narrow views of Labour Socialists.
Without, therefore, supporting my own suggestion for the formation of a Ministry to be concerned especially with the interests of Capital, I suggest that Ministers as a whole in shaping their future policy will do well to recog- nize very clearly that no financial State schemes affecting industry, however comprehensive and ingenious, can take the place of the old spirit of individual enterprise which (Continued on page vi.) . _
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