unemployment, as at present. (2) I come next to a criterion of Agenda which is particularly relevant to what it is urgent and desirable to do in the near future. When the slump is over, when the demands of private enterprise for new capital have recovered to normal and employment is good and the yield of taxation is increasing, then is the time to restore the Sinking Fund and to look critically at the less. The American investor will lend more wisely to these countries, on the lines on which British and French investors used to lend to them, than direct to the old countries of Europe. It is to be attributed mainly to three factorsthe ever-increasing technical efficiency of our industry (I believe that output per head is 10 per cent greater than it was even so recently as 1924 the greater economic output of women, and the larger proportion.
By this method they not only confiscate, but they confiscate arbitrarily ; and, while the process impoverishes many, it actually enriches some. Assuming all the loans to be good) would be a surrender by the United States of about 2,000,000,000 and by the United Kingdom of about 900,000,000. Now wages will not fall in the sheltered industries merely because there is unemployment in the unsheltered industries, therefore you will have to see to it that there is unemployment in the sheltered industries also. London: The Church book room Press, 1954. The United States is disinclined to entangle herself further (after recent experiences) in the affairs of Europe, and, anyhow, has for the time being no more capital to spare for export on a large scale. In America, I gather, an act of this kind is considered so reckless that some improper motive is at once suspected, and criticism takes the form of an inquiry into the culprit's personal character and antecedents. It is open to Ministers to argue that the restoration of gold is worth the sacrifice and that the sacrifice is temporary. The pressing task of the French Treasury is not to devise additional taxes, but to construct an administrative machine capable of collecting those which exist.