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The New Zealand Railways Magazine, Volume 5, Issue 3 (July 1, 1930)

The Magic of “R.”

The Magic of “R.”

that are submitted for its approval. It is in no sense a Court of Arbitration for distressed capitalists, and it cannot prevent any R. scheme from being capitalised through other channels. But its approval should be a hallmark and a great help, both direct and indirect, in the raising of capital for industries that recognise their own plight and are equal to the self-surgery that the situation requires. To say that is to admit right away that the initiative in R. must come from within—not outside—the industry. A money bandage is not of much use unless the surgical work itself is sound. As one read of this British attempt to align the banks and the manufacturers (without destroying the authority of the latter) the mind flashes back to Henry Ford's fight with the American financiers in the post-war reconstruction, as told in his “My Life and Work.” But R. is now in the air, and not every manufacturer is able to secure it by his own unaided effort. It has both its political and industrial enemies. Mr. Maxton “scorns industrial and political leaders who lend page 11 themselves to R. as a means of curing unemployment and poverty.”

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While the London reviewers were poring over Lord Birkenhead's book, “The World in 2030, A.D.,” with its anticipation that airplanes flying at 50,000 feet will move at 600