The house of Industry : a new estate of the realm

60 THE HOUSE OF INDUSTRY

through some such legislative body as the House of Industry, possessing powers to control credit and co-ordinate industry ?

As to our second channel of research into possible new commodities, we are on much more difficult ground. I must content myself with an observation. It logically follows that the body which controls credit must ever be ready to provide credit—and provide it almost prodigallyfor new developments, discoveries, inventions and improvements of every conceivable kind. A community that allows Hatry and a thousand other Hatrys to waste scores and even hundreds of millions sterling on meretricious catchpennies need not fear that the House of Industry will wisely and liberally encourage and perfect industrial discoveries.

Closely related to this line of thought and bearing directly upon the standard of living, is the displacement of labour by new inventions and processes. This problem first confronted Labour with the advent of the Great Industry. Then, as now, Capital claimed the right to substitute labour with labour-saving machinery; then, as now, Capital disclaimed all responsibility for displaced labour. Then, as now, the community as a whole and every Government of every shade of politics have expressly condoned the policy of the Capitalists and welcomed the labour-saving devices as genuine additions to our national wealth. The weak spot in the argument is that these labour-saving devices did not save labour ;