Abstract
DURING THE FIRST HALF of this century, the manufacturing and mining sector showed a more pronounced growth than the economy as a whole. The combined output of manufacturing and mining rose from $11.7 billion in 1900 to $224.3 billion in 1948 (in current prices). Around 1900, slightly more than one-fifth of national income originated in these industries; in the twenties their share rose to roughly one quarter of the total; in recent years it has been nearly one third.' The pronounced growth in output obviously required rapid expansion of capital facilities. In discussing capital expansion, the distinction between reported book values and the values adjusted for price changes should, of course, be borne in mind. When attention is directed to changes in physical capacity, an adjustment for price changes is required. On, the other hand, when the financial aspects of investment are studied, unadjusted money flows are of prime importance.2 For comparison's sake, both sets of values are
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