Chancellor of the Exchequer Sir Stafford Cripps last week gave a smile of welcome for his new granddaughter. He also had an unaccustomed smile, almost as warm, for British industry.

In 1947, he announced, steel production had passed the Cripps target of 14 million tons. Textile production was higher than at any time since war's end. Exports of engineering products such as machinery, vehicles and electrical goods were at twice the 1938 volume. Coal output fell only 300,000 tons short of the 200-million-ton target for 1947.

After bestowing this benign "Well done," Cripps wagged a grandfatherly finger. Even if British production...

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