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The nation's economic welfare depends largely upon our ability to make and sell the exports necessary to buy the imports we need to feed our people and keep our industry going. Our costs of production are of vital importance and they depend to a considerable extent on the amount which industry has to pay in profits, salaries and wages. These in turn in the form of individual incomes affect the total volume of money available in relation to the quantity of goods. ... It is essential, therefore, that there should be no further general increase in the level of personal incomes without at least a corresponding increase in the volume of production. Unless we are prepared to check any such tendency we shall find ourselves unable to fulfil our export task owing to the rise in costs, which will also be reflected in rising prices on the home market. (en) |
