§ I must again point out that the stabilisation policy and the wages policy set out in the White Paper of July, 1941, are complementary. The former is dependent on the latter and at the same time renders it possible. The stabilisation policy has obviated the necessity of increases in wages where automatic adjustments are linked to the cost-of-living figure. Since September, 1939, the average increase in wage rates has been rather more than the increase in retail prices shown by the cost-of-living index. The average increase in weekly earnings has, of course, been much greater on account of greater output and longer hours. On any calculation of the prices of necessaries the rise in the cost of living is far below the net increase in earnings. It is my duty to say again that this valuable but costly stabilisation policy depends upon the wise use of our machinery for wage negotiations. There is still need for vigilance. Increases in wages, properly and fairly justifiable as they may be, do not make more goods available nor do they increase the general standard of living, and they may make it more difficult to secure a fair distribution of the limited supply of goods. But this also should be said, that while no system can give perfect results, our wages policy has also been successful in two important matters. It has helped to maintain the sense of responsibility and self-government which has characterised our industrial system for so many years. It has also done much to foster that industrial peace which has played such an important part in our war effort.