Changing Shape of British Industry

Since the beginning of the 20th century, there has been a big change in the shape of British industry. Until fairly recent times, the principal British exports were coal, ships and textiles. The mining, shipbuilding and textile districts of the north had some of the worst working and living conditions in the country.

The output of coal has dropped. Similarly, the demand for coal at home and abroad has also dropped, so coal is no longer a major ex­port. Oil has taken its place as a fuel for many purposes. The British shipbuilding industry has had to face stiff competition from overseas yards particularly in Japan. And the textile industry has also suffered -partly because demand for British textiles has dropped and partly be­cause man-made synthetic fibres have appeared.

On the other hand the British exports of machinery, oil by­products and chemicals, vehicles and electrical goods have increased, so the shape of industry has changed. These new industries have tended to grow up in the midlands or the south. Consequently, people have moved into these districts and today over a quarter of the popula­tion of Britain lives in the London area. People have even begun to talk of the "Two Nation's" - the prosperous south and the depressed north.

The new level of production based on the new technology de­mands computerized planning, socialized capital investments, a planned socialized system of distribution, a plan that synchronizes production and human needs, a world-wide division of labour, a plan creating abundance while protecting the environment.

Statistical Methods

All progressive knowledge in the modern world tends to preci­sion. Precision is obtained with the help of numbers. Consequently, the science which deals with numbers has a very vital role to play in the development of our civilization. This science is statistics.

The word "statistics" is used in two senses. One, when used in the plural, refers to a series of connected figures, and the other, when used in the singular, relates to that branch of applied mathematics which deals with the collection, classification and use of quantitative data. Quite a large number of definitions have been given to statistics -as a science. Different writers place emphasis on different aspects of the subject-matter of this science. One main reason for this disagree­ment has been the constant development of the scope of this science.

The collected statistical-material, which is influenced by nu­merous causes, has to be rendered easily intelligible, if it is to be used as a basis for judgement or action. In exact sciences like physics and chemistry the experimenter tries to disentangle complex causes by taking into account only the one with which he is concerned and keep­ing others aside. He can control the conditions in his laboratory. But in other sciences this is not possible. The experimental method fails. Conditions are not within the control of the observer. He has to take the data as they occur. We have to make use of some other methods for achieving their end. These are the methods of statistics. In order to get a clear picture out of the confusing mass of data, the latter have to be systematically collected, classified, tabulated, .summarised, compared and presented. These are called "statistical methods". They constitute definite rules of procedure in handling groups of data. A proper study of these principles forms the subject-matter of the "science of statistics".

Money

Money is indispensable in a society in which commodity' ex­change takes place. In commodity exchange money plays the role of a universal equivalent, that of a commodity expressing the value of all the other commodities.

Gold is the generally accepted money commodity. Because of its natural properties gold is the most convenient substance to carry out the social function of money. It can be easily broken into pieces and melted and "recombined" without any loss of value. It can also be kept safely as it does not become oxidized. In addition it has relatively small volume for its weight denoting a considerable value.

Money performs a number of functions. First of all, it serves as a measure of value; that is it is used to measure the value of all other commodities. Each commodity is sold for a certain sum of money, which expresses its value. The value of a commodity in terms of money is called its price.

Money is an ideal unit for expressing the value of all other commodities. What this means is that to measure the value of com­modities it is not necessary to have cash. As acts of sale and purchase (i.e. the exchange of commodities for money) are repeated many times, the seller and buyer mentally equate the commodity to a certain amount of money (or gold) corresponding to its value.

When commodities are exchanged with the aid of money, the latter also serves as a means of circulation. To perform this function money has to be real, not ideal. What is important is that anyone re­ceiving these symbols of value must be assured that they will be ac­cepted from him too, when he pays for other commodities. That is why states declare paper money to be legal tender.

Money also serves as a means of accumulation or a way of hoarding treasures. This function stems from the fact that money can buy any commodity. Therefore, money is a universal embodiment of wealth and a means of accumulating it. Taken out of circulation, how­ever, money becomes treasure only if it is gold, or money converted into articles of gold, silver and other precious metals or stones.

Money is not always in the form of cash. Sales and purchases are often made on credit.