ABSTRACT
VE DAY, May 8th, 1945, although it afforded relief from the personal strains and stresses of war, at once presented in formidable guise the immediate and prospective difficulties of peace. There were many shortages. There were hand-to-mouth deliveries of essential raw materials including, especially, the company's principal raw material, steel. Taxation was heavy. Great economic changes soon began to affect the nation. There was much uncertainty in the economic scene, much that was obscure. Nevertheless, seventeen months later solid progress had been made. Concurrently with, or following, the rapid reaction of the organisation to the signs of approaching victory in 1944, the production departments had been put into good shape. Repairs and renewals had begun. The rhythm of peacetime work had been re-established. The company benefited from its sound tradition grown from the seed originally of Hans Renold's planting, the germ of which was consistent devotion to the best workmanship. From it had come a clearly defined conception of direction and management, of human relationships in industry, and of the techniques of finance, production and sales. There was, as strongly felt as of old, the sense also of service to the customer, whether large or small. Ample scope existed for that service in meeting the replacements and renewals for which the cry went up from every part of the world. In the autumn of 1946 every machine at Manchester and Coventry was operating by night as well as by day and all the available space in the works was occupied or earmarked for early use.
