ROOM FOR LARGE HOPE.

Taranaki Daily News, 14 February 1920, Page 10

ROOM FOR LARGE HOPE.

A FAMOUS PROFESSOR'S TEN GREAT POINTS. Professor Alfred Marshall, the most famous of British economists, has just published a very notable book on "Industry and Trade" (Macmillan), which "Ways and Means" describes as a "monumental volume which will be eagerly devoured by all those who are seeking authoritative guidance on economic matters." Professor Marshall's summing-up of the present position deserves all the publicity which can be given to it. Having discussed the possibilities of the future, and some of the schemes which are so loudly advanced, Professor Marshall comes to the conclusion that there is room for large hopes. "Leaving wars out of account," he says, "we may perhap9 reasonably hope for n gradual extension to nearly tha whole population of those resources and opportunities which are needed for comfort and for the full and harmonious development of the higher human faculties, on the following conditions:— "(i) That mankind set themselves greatly to increase the supply of mechanical appliances, which are to raiae the condition even of the humbler classes of mankind by acting as slaves for them. "(ii.) That they may make these slaves so numerous and powerful, and manage to keep them at work for so king hours by alternating shifts of attendants, that even the lowliest of human operatives need work only during short hours, though with energy while at work, "(iii.) That they nit* Um level of g«fl-

eral education that there are scarecly any adults who can only do such simple work as is within the capacity of a properly guided mechanical slave. "(iv.) That they develop assiduously the channels by which those who are endowed with high faculties of thought and invention, of enterprise and administration, may rise rapidly to posts of responsibility commensurate with their qualities. "(v.) That they keep constantly In view the broad distinction between tasks of orderly business management which conscientious officials perform adequately, and tasks of constructive enterprise, on the bold and enlightened discharge of which economic progress mainly depends, though they are often beyond the power of the official and even uncongenial to the temperament. "(vi.) That they recognise: (a) That the most progressive business men value the freedom to take risks 011 their own account, and to earn a reputation for able leadership, by success in leadership which can always easily be proved otherwise than by its pecuniary results; but (b) that an adverse tide which retards all powers does not materially diminish the zest of emulation in a race; and therefore (e) that .enterprise may be maintained even though those who are rich are required to make large contributions for national purposes. "(vii.) That they remember that all taxes 011 resources, which might probably have been used for the increase of the material slaves of man, are prejudicial to the whole people, and in some respects especially prejudicial to the poorer members of it, and that therefore the produce of exceptionally heavy taxes on capital, or on income derived from it, ought not to be used to defray current expenditure. "(viii.) That at junctures such as the present, when the national burden of debt is an enormous heritage of evil for coming generations, they insist that the produce of taxes, which tend considerably to cheek the accumulation of private capital, be devoted to the reduction of that debt. "(ix.) That they take account of the tendency of capital to emigrate from a place in which it is unjustly handled; though a country which nourishes and stimulates capable business enterprise will continue to attract capital in spite of its being subject lo somewhat heavy taxes there. (x.) Last, lmt not least, that employers, as well as other capitalists, employees, and, in short, all classes and groups, eschew all practices which tend to raise the market values of their services or products by making thom relatively scarce."