ABSTRACT
The capitalist test of the efficiency of an undertaking is profit. The aspect of efficiency ranks to-day in popular estimation with productivity, but is less susceptible of calculation. The nearest approach to measurement lies in rates of absenteeism, strikes, labour turnover, or restriction of output. Under nationalization the original shares and the expectations to dividend are paid off with Government stock, the interest on which is guaranteed by the Treasury. Given full employment and the nationalization of the principal basic industries, the conflict between capital and labour will soon recede into the background. Industrial morale and goodwill though inadequate, as a measure of the success of management are nevertheless essential ingredients in the efficient conduct of an undertaking. In one group of nationalized undertakings, transport, there is a tribunal which hears objections to proposals for increasing charges.
