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The article discusses the issues concerning the transport policy in Great Britain. The formation of transport policy has been and still is a confused world of ideology, interest, economics and several adjustment for political gain. A product of this complex system of interaction has been the Transport Holding Inc. The functions of the holding company are mainly concerned with investment business and the handling of the central pool of capital. The organization and structure of Transport Holding is presented. The company emerges as an interest group attempting to influence decision making, in a very similar way to the more commonly accepted private groups.

The article focuses on a hypothesis that resource endowment influences the composition of industries of long-term foreign investments. It examines Great Britain, which doesn't have much in the way of natural resources, and the United States, which is less dependent on importing raw materials from abroad, and examines how companies in these nations differ in their investment strategies. It states that there is a positive relationship between portfolio and direct investment in Great Britain, and a degree of domestic capacity utilization, while in the United States portfolio and direct investments are negatively related to domestic capacity utilization.

This paper examines two different approaches to the estimation of the size distribution of wealth. The first section describes new estimates for the distribution in Britain in 1968 using the estate method and discusses the sensitivity of the results to the main assumptions. The second section presents preliminary estimates using the investment data, a method which has not been widely used. In the final section the results obtained for the upper tail of the distribution from the two methods are compared. [ABSTRACT FROM AUTHOR]

This paper summarizes the results of two recent efforts to estimate rates of return to educational investment in Great Britain. Because there is no basic source of age-education-income data such as is available in the U.S., the analysis employs data which are by-products of several surveys conducted for other reasons. Consequently, rather extensive adjustments in the data were required. The rate-of-return results indicate that, while there is little evidence of social overinvestment in higher education, some social underinvestment appears to exist at the secondary level. However, the private rates of return tend to exceed those for alternative investment forms. [ABSTRACT FROM AUTHOR]

This article presents information on a study which analyzed the factors that shaped the mix of domestic and foreign investments in Great Britain. The questions to which this paper addressed itself have now, for the most part, been answered. The percentages of national income allocated to foreign and domestic investment do show a negative correlation for the period, but this correlation is not carried through to the amounts of home and foreign investment, either in money or real terms. Cairncross's approach offers an explanation of their relationship in that the short-run factorB of fluctuation seemed to be those that operated in the same manner on the two series, while long-run trends affected the two inversely. Although this model has more intuitive appeal than theoretical rigor, it does provide an adequate long-run function for both foreign and domestic investment.

The article tests the hypothesis that the inclusion of investment grants would eliminate the downward trend in post-tax profitability of companies in Great Britain. It discusses the association between depreciation provisions and replacement costs, and the impact of inflation on different industries' disposable profits. It demonstrates the way in which the choice of measure can so drastically affect the apparent record.

The econometric model described in this paper was originally conceived as an aid to investment planning in the ports industry. Since over 99 per cent of the volume of Great Britain foreign trade is seaborne, the model has come to be concerned with the balance of Great Britain visible trade as a whole, and its implications are in consequence of more general interest. The main virtues of the model stem from necessities imposed by its primary function, and before launching into the detail of our approach it is worth listing some of these broad considerations.

Inventory investment is the most volatile component of aggregate demand. Its central role in business cycles has been extensively explored since the early 1950's[1] in the United States, yet for Britain only one macroeconomic study of inventory investment has been published.[2] The aim of this paper is to test some explanatory models of the inventory investment decision and to compare their forecasting performance with other forecasting instruments.
Section 2 develops theoretical models incorporating variables which represent various motivations for stockbuilding and constraints, including policy-determined constraints, on investors' behavior. It is hypothesized that the investment function differs between upswings and downswings due to cyclical variations in investors' behavior and in the impact of unplanned accumulation or depletion.
Section 3 estimates the equations from section 2, and section 4 uses some of the estimated equations to derive forecasts for the post-sample period 1967 II to 1968 IV. Their forecasting performance is compared with that of forecasts from a non-explanatory autoregressive scheme, the National Institute and the econometric equations of several U.S. studies.
Attention is limited to investment in stocks of finished goods by British manufacturers. [ABSTRACT FROM AUTHOR]

This article is a regression analysis of the demand for wheeled farm tractors by Great Britain agriculture using annual data from 1948 to 1965. As a corollary, some information is generated on the effect of government policy on this area of investment and of the influence of the policy of tractor manufacturers on total demand as opposed to market share. The results emphasize that the demand for tractors has been a derived demand for services, representing an adjustment process toward a desired stock level. The dominating explanatory variable of this adjustment is the ratio of tractor price to labor earnings, allowing for quality change in tractors. The estimated long-run elasticity of stock with respect to this variable is quite high. Gross investment is the decision variable operated upon by farmers in this adjustment process and is more volatile than the level of stocks. It shows a marked response to changes in the price ratios, the estimated elasticity at the mean of gross investment. Since the stock level, and therefore, the input of services has increased over the period while labor input has decreased, it can be concluded that tractor services have been substituted for labor services in response to changes in prices.

THE object of this paper is to account for certain trends Which have become evident in the economy of the United Kingdom since about 1953. The following are the trends of which a unified explanation will be given.[1] (1) The Rising Share of Gross Fixed Investment in the Gross Domestic Product Total gross fixed investment rose between 1953 and 1965 (cyclically the two most comparable years) from 15.7% of G.N.P. to 18.2%. The upward trend is found not only in the total but also in the ratios to G.N.P. of gross private fixed investment, of gross private investment in plant and machinery and of gross fixed investment by companies. When 1958 prices are used as the basis of valuation the upward trend is not removed; indeed, it is slightly more marked. Nor is it different when G.D.P. is taken as the denominator. (2) The Rising Capital-Output Ratio, or Falling Average Productivity of Capital Pyatt, series,[2] compiled for the Cambridge model, show that between 1954 and 1960 the growth of capital per employee exceeded the growth of value added per employee (both at constant prices) in 23 out of 29 industries. Neither the 23 industries in Which this occurs nor the 6 in which it does not are confined to either manufacturing Or non-manufacturing industries or to services. In Hares figures[3] for manufacturing and construction a similar upward trend of the capital-output ratio appears between 1952 and 1962, although it is more marked if the series is carried back to 1948. The trend does not disappear on disaggregation, nor when the measurements of capital and output are made at constant prices. (3) The Falling Share of Profits The first measure of this, taken from the Blue Book, is the share in the gross domestic product of total gross profits (including those of public corporations and other public enterprises) and rent. The series shows cyclical variation but a declining trend. This is maintained when the series are recalculated, excluding stock appreciation, depreci... [ABSTRACT FROM AUTHOR]

Much of tax policy in Britain during the past two decades has been aimed at increasing investment. Britain pioneered the use of investment allowances several years before they were adopted in the United States. In addition, during much of the period, tax incentives were used to reduce dividends and encourage corporate savings in the belief that this would increase investment spending. Despite this continuing interest in the use of tax policy to stimulate capital accumulation, there has been little analysis of the direct effect of investment allowances and no analysis of the indirect effect of changes in retention behaviour. This paper reports a study of quarterly aggregate investment in equipment and structures for the period 1954:2 to 1967:4. The analysis builds on the powerful neoclassical investment theory developed and applied by Jorgenson and his collaborators (e.g., [22], [23], [25], [28], [29], [31] and [32]) and, in modified form, by Bischoff [8], [7], Coen [11] and Eisner and Nadiri [15]. The formulation used here differs from that of Jorgenson in several ways which will be explained below. Differences of particular importance for studying the effect of tax policy are that: (1) the elasticity of the desired capital stock with respect to tax-induced changes in the user cost of capital is not constrained to be one or even to equal the elasticities with respect to other observed changes in the user cost, and (2) the impact of tax induced changes in retention is explicitly studied. Section 1 briefly reviews the previous studies and opinions on the impact of British tax policy on investment. Section 2 then presents the theory of investment behaviour which forms the basis for our estimates. The third section considers the estimation problems raised by this formulation. We present and discuss the estimates in section 4 and then use them (in section 5) to calculate both the effects that policy changes had on investment and the effects that alternative policies would have had. The results are summarized in a brief final section. A description of the data is presented in an appendix. [ABSTRACT FROM AUTHOR]

International direct investment, in contrast to portfolio investment, involves foreign control over subsidiaries operating in the receiving country. While this type of international capital movement has a long history, there are significant changes in the post-war years compared to earlier periods. Increasingly the foreign owned subsidiary is becoming part of an internationally integrated production and distribution complex. The volume of direct investment is growing at roughly twice the rate of international trade, much of this growth being due to investment originating in the United States. The investment is especially important in science based industries. Many observers see these changes taken together as having important implications for industrial relations in host countries, including the United Kingdom, which, after Canada, is the second largest destination for United States direct investment. But what are these implications, and indeed, what has happened up to now? The known facts are few and the sources of information widely scattered. The purpose of this paper is to draw this information together, treating the United Kingdom as a case study.
It is often suggested that the foreign owned subsidiary is more productive and profitable than its domestic counterpart, and that this superior performance is at least partly due to better labor utilization. This implies that the foreign firms behave differently in the labor market, have different personnel policies, and may tend towards a different mode of industrial relations. [ABSTRACT FROM AUTHOR]

The article discusses the significance of the grants and depreciation provisions given to industries in Great Britain as an incentive to move into development areas. Until April 1963, Industrial Development Certificates needed to be obtained from the government prior to undertaking significant extensions would often be refused for areas with high levels of employment. The introduction of specified-percentage cash grants towards the cost of buildings and plants is discussed. These grants, which give the option of writing off plants for tax purposes, were applied by the British Board of Trade to the Development Districts in Great Britain. The concept of "free depreciation" is discussed. The effect of grants on capital cost and corporate profits is considered.

The article discusses the method of control of capital issues adopted by Great Britain. The author states that an increasing number of economists have focused their interest on the problems associated with secular acceleration. These problems include a long-run tendency for planned investment to exceed planned savings, rather than on the main concern of the 1930's, which was secular stagnation. The article also discusses the scope of controls, the argument of the "bonus-issue," and problems with hiring and purchasing.

Examines the connection between research and development (R&D) activity and international trade and investment in the manufacturing industry in Great Britain. Factors that determine the actual method by which any new product or process is introduced into the market; Value of R&D, exports and direct investment in manufacturing industries; Industry groups which account for majority of manufacturing R&D expenditure.

This article develops a general model of portfolio review, appropriate to institutional investors, for the purpose of analyzing the acquisition of financial assets by British Life Funds in Great Britain. Focus on the problem of the optimal rate of portfolio adjustment when the market for financial assets. Role of insurance sectors in certain financial markets. Explains the short-term nature of the General insurance contract and the predominant need for liquidity.

The purpose of this article is to explore some of the relationships between educational planning and manpower planning.[1] It is frequently argued that the expansion of the educational system should be based on detailed forecasts of the educated manpower that will be required in a growing economy. My emphasis is somewhat different: it is that manpower forecasts in a developed country like Great Britain must take account of the likely expansion of education. The basic argument will involve four variables: demand and supply in "the education market", and demand and supply in the labour market. All of these are policy-variables, in the sense that they are subject to a measure of control by the public authorities. But only one of them, supply in the education market, is a policy-variable pure and simple, and some of them--demand in the labour market is an example--can only be influenced by the State to a limited degree. It is precisely this which creates problems for both educational planning and manpower planning. [ABSTRACT FROM AUTHOR]

The purpose of this article is to make available estimates of railway investment in Britain for the period 1825 to 1875. A previous attempt to estimate such figures for part of this period has been made by Dr. Feinstein who, in revising the Cairncross investment data, carried them back to 1856.[1] Although he emphasises that overall no great accuracy is claimed for these estimates, Feinstein also stresses the fact that the figures before 1870 are much less reliable than those that come after that date.[2] In order to improve on the reliability of the earlier data and to carry the series back to the beginnings of the railway age in Britain, a detailed study of railway company reports and accounts was made, and the outcome of this investigation is the estimates of railway investment presented in the Appendix. [ABSTRACT FROM AUTHOR]

This article assesses the effectiveness of the British government's initial and investment allowances in helping businesses accelerate their rate of investment in new plant and equipment. Under the initial allowance, a firm may claim a specified extra proportion of the cost of certain classes of asset in the first year, but this supplementary allowance is then deducted from the written down value for tax purposes, and so reduces the sum on which subsequent depreciation allowances are calculated. The investment allowance permits a firm to claim a specified extra proportion of the cost of certain classes of asset in the first year, but unlike the initial allowance, this supplementary allowance is not taken into account in the calculation of subsequent depreciation allowances. Furthermore, initial allowances are usually characterized in their effects as an "interest-free loan", and investment allowances as "a concealed subsidy." The following conclusions were made: first, firms which have experienced financial difficulties are slightly more responsive to the allowances than are the others. Second, the liquidity aspect of the allowances seems somewhat more important than the profitability aspect. In addition to this, among independent businesses the medium and large concerns are more responsive to the allowances than are the small ones. Furthermore, growing firms are more responsive than are stationary of declining ones. Finally, with one exception, no significant inter-industry variations have been established.

The article presents the study on the consequence in backlog of obsolescence at urban renewal for the next 20 years in Great Britain. In the 18th and 19th century there was mass urbanization and social control over land use and development are primitive. The urban development of 1900 was then taken as measure for urban obsolescence. In dwellings are not invested well at renewal to lessen backlog and at total investment for buildings it is unclear that figures of national income appears promising. Improving current rate for renewal of both gross national product and spending proportions at investment for renewal is suggested. Several charts and tables related to the discussed topic are presented.

The purpose of this article is to examine the experiences of home railways in the capital market from 1900 to 1914, taking both a general view from the writings of contemporary investment journals, and a more specific view from the records of two of Great Britain's largest and most prosperous companies. The evidence taken by the Departmental Committees of the Board of Trade on Railway Accounts and Statistics, and Railway Agreements and Amalgamations of Great Britain are also utilized. The aim is to illustrate the difficulty experienced by home railways in raising capital in this period, and to try to explain why one of the major outlets for nineteenth century investment found itself unable to attract new capital except on relatively unfavorable terms in the early years of this century. It is also hoped to establish how far factors such as managerial irrationality or inefficiency, the increasing export of capital after 1904, rising costs and declining profits, and statutory limitations on railway charging powers, interacted to produce this situation, and to try to explain why home railways in general, and the company London & Northwestern and the North Eastern Railway, in particular, lagged behind American and some European railways in the utilization of electric traction after 1900.

The lack of diversification of industry in that large part of East-central Scotland covering the counties of Angus, Kincardine, North Fife, and Eastern Perthshire, where the linen trade became the staple manufacture in the eighteenth and nineteenth centuries, has often been remarked on. Locally, the term the linen trade is used to cover not only heavy linens, but also hemp and jute manufacture. Even the linoleum industry of Kirkcaldy in South Fife is historically an offshoot of the linen trade, with its roots in the canvas manufacture, and a continuing interest in the trade through its reliance on jute backing. Apart from the coal of South Fife, East-central Scotland possesses relatively few natural resources suitable for industrial exploitation and it remained dangerously dependent on the linen trade until after the Second World War. Dundee, Scotland, was an extreme example of this phenomenon. Dundee and its associated textile area played a wholly disproportionate role in the remarkable expansion of British capital exports in the late nineteenth and early twentieth centuries when it is estimated that Great Britain invested some £3,500,000,000 abroad between 1870 and 1914.

This article focuses on factor pricing and the rate of innovation in Great Britain. Capital per operative in manufacturing rose steadily since many of the techniques, which were actually applied, contained a laborsaving element. But the important point is that such techniques were not adopted simply because they had a specific factor-saving propensity; nor were pressures from the supply side responsible for their adoption. Statistical proof of this point is by no means an easy task in view of the very limited data available for this period. In the nineteenth century by far the larger part of industrial capital was financed privately, mainly by ploughing back of profits, so that market rates of interest are not likely to be a really adequate guide in this connection. It is true that high market--rates of interest would make industrial capital more costly and possibly divert resources away from this sector. But it seems unlikely that self-financing manufacturers were so well informed about, or responsive to, differences in the rate of return between industrial and non-industrial investment.

Focuses on the planning for a new hospital system design for patient care in Great Britain. Establishment of a multi-professional planning committee in hospitals; Contribution of nurse as a project team member; Importance of investments in education in planning and design for medical professions.

The purpose of this article is to present an original set of estimates of new Great Britain's portfolio foreign investment from 1865 to 1914 which alleviate some of the limitations of the existing statistics. The examination of the statistics of the enterprise and industrial mix of pre-1914 new British portfolio foreign investments raises many additional questions for further study and empirical research. It suggests the necessity for an analysis of annual time series in order to identify and explain the trends and fluctuations in particular regions. It calls for the development of enterprise industry matrices for each region, so that we can determine the share of British funds for each respective industrial breakdown that was obtained by each form of enterprise. These statistics, providing hitherto unavailable detailed data on the enterprise nature and the industrial composition of a significant segment of the capital account, should prove useful in the analysis of the pre-1914 transfer mechanism and the role of foreign capital in economic development.

The article focuses on the comments of the author on a speech given by George Paish, editor of the journal "The Statist," at the meeting of the Sociological Society in London, England on May 2, 1911. The author said that Paish's description of the advance in wealth and prosperity of the civilised world during the last sixty years is most interesting and instructive, and the conclusions Paish came to, that the greater portion of this advance has been due to the vast quantities of capital supplied by Great Britain, must be gratifying to the country's pride. The author said that he agreed with Paish that the prospects for further advance are favourable, subject to the proviso that the capital expended continues to be reproductive. As regards armaments, in which so much capital has in recent years been sunk, such money may in a sense be considered reproductive so long as it ensures a continuance of peace. As regards capital invested in enterprises, the limits for such investments of a profitable character have by no means yet been reached.