Britain has climbed out of the shadow of austerity, and is "steering a fairly even course between the primrose path and the wasteland," Tory Chancellor of the Exchequer "Rab" Butler assured an audience of prosperous merchants at the annual Lord Mayor's Banquet in London. The evidence:
¶ Industrial production is up4% above 1952, one-third more than 1938;
¶ Sterling area gold and dollar reserves rose $119 million in the third quarter of 1953;
¶ Rationing is all but over.
But chancellors must always sound warnings. To make Britain safe, said Butler, its people must 1) earn more from exports, 2) dig more coal,...