Profiteering
It is a regrettable fact that some glaring examples of profiteering should have occurred at the very opening of the war, and that the public with reason has been expressing its indignation at the way in which the prices of some articles have been suddenly raised to exorbitant figures. Sandbags afforded one case in point, and though we were assured that profiteering on these essentials of defence was to be stopped it has continued. The prices of black-out materials, drawing- pins, electric torches and other articles urgently needed were run up 50 or too per cent. The Government. has ample powers for fixing prices and dealing with profiteering. It may not be possible or economically sound to fix prices on all commodities, and no doubt it will take time to elaborate a complete system of control of profits. But in the mean- time there should be no difficulty in formulating definitions of profiteering applicable to manufacturers, wholesalers, retailers and distributors—transport certainly must be in- cluded. Penalties should be imposed upon any persons guilty of profiteering according to definition, and quick action should be taken against them. It may be that in this war, as in other wars, world prices may rise, and that our price-levels will have to follow. But there is no reason whatever why this process should be anticipated by the exploitation of scarcity in the home market.
Previous page
