350 SECTIONAL TRANSACTIONS— F. 



it is possible, or desirable, to encourage mobility of capital to offset the 

 apparently increasing immobility of labour. Those who argue for some 

 control of the geographical distribution of new capital investment may 

 merely point out how dangerous it is to have large parts of the country 

 mainly devoted to one industry, or, in the extreme case, they may support 

 schemes for comprehensive national industrial planning. 



Any analysis of such matters involves answers to the questions : How 

 far is the present location of industries rational in the sense of being the 

 most economic which could be devised ? What should be the features of 

 such a rational location ? Is manufacturing industry under private enter- 

 prise becoming less or more localised, and is it, in any movements taking 

 place, rendering the task of preventing the maladjustment of labour more 

 or less difficult ? 



Prof. G. C. Allen. — The economic position of Japan. 



The purpose of the paper is to consider, in outline, the main features of 

 Japan's economic structure and to examine, in particular, her position as an 

 international trader during the post-war period. 



The extent to which Japan may be considered to possess a ' planned 

 economy.' Instability of her economic system as a result of her rapid 

 industrial and commercial growth. The highly specialised character of 

 her export trade ; her dependence on the American market and on economic 

 ' penetration ' in China and Manchuria. Liability of her export trade to 

 extreme fluctuations ; inelasticity of her import demand ; efl^ect of these 

 characteristics on her balance of payments. Rigidity of her economic 

 structure and her difficulty, through financial and social causes, in adjusting 

 herself to changes in world prices and trade. 



Japan's international trade and balance of payments after 1914 reviewed 

 in the light of these characteristics. 1914-20, the period of prosperity and 

 the development of an export surplus ; 1920-23, the over-valuation of the 

 yen and its consequences ; 1924-26, the depreciation of the exchange value 

 of the yen and the post-earthquake boom ; the financial crisis of 1927 and 

 the subsequent adjustments ; benefits secured by Japan as a result of 

 ' American prosperity ' and of the competitive weakness of the British 

 cotton trade in Oriental markets ; the return to the gold standard in 

 January 1930. The damaging effects of the collapse of ' American 

 prosperity ' and of the renewed resistance to Japanese ' penetration ' in 

 Asia ; the abandonment of the gold standard at the end of last year. Some 

 political consequences of the economic crisis in Japan. 



Tuesday, September 6. 



Mr. C. R. Fay. — Reconciliation of producer and consumer within the Co- 

 operative Movement. 



The reconciliation of producer and consumer has two main sides to it. 



The first is the relation of the industrial producer to the industrial con- 

 sumer. This raises the question of trade unionism and co-operation. 

 Trade unionists should not use the movement as a means of securing rates 

 and conditions which they cannot secure from ordinary employers. If 

 they do, they damage ultimately their own bargaining strength. Con- 

 cessions made by the C.W.S. as employers call in return for stronger support 

 by the retail societies. 



