The Imperial College of Science and Technology - Nature

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Abstract

THE Chancellor of the Exchequer, speaking in the House of Commons on March 16, expressed concern at the extraordinary expansion of business in the promotion of companies, and said he was convinced that the time had come when part of the money thus called for only creates increased competition for the limited supplies of labour and material which are all that are available. Few of us can doubt that this concern of the Chancellor is more than justified, but it is not only for purely industrial enterprise that appeals to the public at large are being made daily for large sums of money. Owing to the universal rise in prices, educational institutions find themselves seriously handicapped in their endeavours to fulfil the functions assigned to them. In the case of such educational institutions as the schools and colleges maintained wholly, or almost wholly, from rates and taxes, the solution is less difficult, and may be found in an increased education rate combined with an increased Government grant. For the universities which have to depend largely upon fees and endowment, and can rely only partly on Government grants, the difficulties created are very serious. It should, however, be borne in mind that money expended on education is one of the most pro ductive forms of national expenditure, and, what ever may be the dangers of the inflation of industrial capital, the nation is not yet within remote danger of educational inflation. Rather is it suffering grievous detriment from the semi-starvation of its higher educational institutions.

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