In the summer the growth of industrial output and the decline in unemployment slowed down. The main reason for this is that exports have fallen since the first quarter of the year. In overseas markets the growth of demand has also been slowing down.

The oil industry has grown more rapidly and more regularly in this century than almost any other major industry. Its growth continues unchecked; but lately, a growing world surplus of oil has become noticeable. This is not a new problem. There has more often than not been a surplus of oil in time of peace—in the sense that the big companies could at short notice have increased their output of crude oil substantially. What changes, partly in response to the size of the surplus, are the methods by which supply is regulated and prices are determined. This article examines the present position in the industry.

Few industries can have had such a reversal of expectations in so short a time as the coal industry. In April 1956 the National Coal Board, looking at the prospects for the next ten years, could say confidently: ‘Even in the longer term, the problem of over-production for the coal industry can scarcely arise’. Over the next four years, total coal production fell 7 per cent, and coal stocks more than doubled.