ECONOMICS OF EMPIRE

Taranaki Daily News, 7 November 1930, Page 7

ECONOMICS OF EMPIRE

MIGRATION OF INDUSTRY. Loudon, Oct. 29. “A broad Empire needs a broad policy," eaid Professor John Coalman, first Professor of Empire Economic Relations, when delivering hie first lecture. He occupies /the new chair established at the University of London by the Empire Marketing Board. Professor Coatman expressed the hope that centres of similar work and thought would be established throughout the Empire. A century ago, he said, capital and population flowed from all parts of Britain to the northern coal and iron districts. At present they were moving again, mainly southward. “Why should these industries and people not flow as easily to Australia, New Zealand, Canada and Africa? “Emigration can seldom succeed when confined, to one aspect of movement, namely, of people. Organised as a migration of industry, capital and men, it would be very different. As new industries are started, why not' start them where they can be most efficiently carried out, British people moving with them? “Is it not better,” Professor Coatman asked, “that the wool and cotton industries should be spread over the Empire, rather than concentrated in Yorkshire and Lancashire? Surely this is the key to the reconciliation of the economic nationalism of the Dominions with those interests themselves in Britain.” The first step to moving whole industries was the control of capital, which should ne directed to the development of the Empire rather than to foreign investments. A mortgage bank, financing Imperial development, might be considered. Negotiations were already under way for investigating as a piece of Imperial teamwork the movement of capital within the Empire —a sort of Imperial financial Doomsday Book.