Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-10-27

was made good and exports were
built up.
But today Britain is booming
and though II would be foolish
to ignore current anxieties over
imitation. her economy is gener-
ally in Q healthier condition than
1t has been for generation. Half
the worlds trade Is conducted in
her currency: she still possesses
the worlds largest merchant
fieet: she remains the worlds
largest banker and provider Of
insurance: she is the second iarg-
est exporter Of development cap
ital.
Production Is the Key
Production is the most impor-
tant yardstick Of success or flu
ture. BY that measure. the British
record Is q good one. Output OF
goods and services has risen faster
han before the war. On average Il
has risen 3 per cent a year since
1916: industrial production has
risen faster. by about S per cent
a year.
Altogether. the British are bus
Ter than they have been before
In their long history. Gone Is
the social scourge Of unemploy-
ment: there is an acute shortage
of labor and this in itself Is en-
counraging innovation and me-
chanization. More goods are pass
ing through British ports than
ever before.
Moreover. the pattern Of what
the British make and sell has
changed out Of all recognition.
Some industries tsuch as textiles)
have declined in importance;
others tsuch as chemicals. heavy
engineering. automobiles. aircraft
and electronics) have scared.
Today the British are the
worlds largest exporters Of gen.
orators. textile machinery, cleo
tronic components and radioactive
isotopes: they are the front rank
IN nuclear engineering and are
now building reactors for other
nations. One firm alone is pro-
ducing half Of the free worlds
gas-turbine aero engines.
Investment in new productive
industry Is now running at q
higher rate than before the war
massive plans are afoot (inyolv-
ing Z capital outlay Of SIS $40, 600.
000) to expand fuel and power OUT
put and to modernize transporta-
ton. The nnclear power program
has been trebled since it was first
announced in 1855.
Not only is the pattern Of what
Britain produces changing but
the direction Of her trade. COM
monwealth markets are still i'm
portant to her but industrial
Europe Is becoming her best Gus
toner. That Is why the British
are drawing closer to their con-
tinental neighbors and contem-
plate joining q great European
free trade area embracing over
$50 million consumers.
Source Of Strength
Far from weakening, this should
strengthen the British connection
with the Commonwealth. For the
stronger Britain's economy be-
comes. the greater her ability to
meet the capital requirements
Of her Commonwealth partners
which. IN any event. must be ball
anced against her need to repay
debt and TO build up SUFFICIENT
reserves to enable her to carry out
her traditional role as banker for
the whole sterling area.
Even so. she has managed since
the war to provide 20 per cent
Of the external capital require
ments Of the Commonwealth and
is providing some $500 million
a year for overseas development.
a higher proportion Of national
income than any other country.
Britain is proud Of her past: but
she does not live in 1t. She is
In q mood to seize the opportu-
mites which our changing world
affords. She is wasting no time
indulging in imperial daydreams
but sees herself nonetheless play
ing q major role in Europe and
in the world for long time ahead,
whilst still remaining the hub of
a great partnership Of nations
comprising quarter Of the worlds
population.
She is force to be reckoned
with; a friend worth having.
North American Newspaper Aliianes)