CAUSES OF IMPROVEMENT.
As regards the improvement in domestic business, Sir Hugo said it was mainly confined to the mass-production articles absorbed by the general public, and he attributed the Main causes of the general improvement to (a)- the splendid character of the British people, who 'are never better than when they have their backs to the wall, as they had in 1981, when the Socialist Gowriiment went out and the Nationalist Government was formed, (b) the great services which the National -Government rendered by the number of measures which proved to be for the good of trade and industry, (c) the great economies introduced by, the Government, (d) the Government's important conversion operations and ease in money, and (e) the imposition of protective tariffs. The aggregate result of these various measures, said Sir Hugo, has been to- restore to this country confidence and stability, and has had tremendous effect on employment. In dealing with the future of the General Electric Company, Sir Hugo referred to the many possibilities of the future as regards the application of electric power to industry, and in that connexion, he said, " I must, however, once again express my regret that sufficient progress has not been made with Railway electrification. Therein I see the final sanitation of the British Industry as a whole."
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