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Professor Henry Clay, the British economist, in an address to the Northern Council Conference of the Incorporated Association of Retail Distributors at Scarborough recently, said that the most important problem of British industry was the adjustment to changing dttnands. The trouble in the older industries was that they were all faced with shrunken demands. They all had something or other to meet either by the method of scrapping, ■which the shipbuilding industry had adopted, or by elimination by bankruptcy in operation in other industries. Professor. Clay agreed that no great improvement was likely in trade generally until the bottom had been reached iv commodity prices. He thought the present world depression was the result of a series of attempts to hold up prices by restricting production in only a part of the field in which production was possible.
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https://paperspast.natlib.govt.nz/newspapers/EP19301210.2.135.12
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Evening Post, Volume CX, Issue 139, 10 December 1930, Page 14
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142FRUITS OF RESTRICTED OUTPUT. Evening Post, Volume CX, Issue 139, 10 December 1930, Page 14
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