Monday, Feb. 02, 1948
To the Lions!
The government was sore at business. A lot of the skyrocketing of prices, it argued, was unnecessary; e.g., it takes about three weeks to cure bacon, but as soon as higher bacon prices in the British food contracts were announced, Canadian packers boosted domestic prices to match. Price hikes on pork and veal were even less justified, the government felt, because they were not directly affected by the British contracts and there were big stocks on hand. For these, as for all other price increases, consumers blamed the government, and consumers have votes.
Last week, Prime Minister Mackenzie King announced measures that might make business at least share the blame: 1) an all-party committee of Parliament would look into profiteering; 2) there would be prosecutions "where necessary" under the Combines Investigation Act and Prices Board regulations. Despite promises to the contrary, many an astute political observer felt sure that the probe would turn into a Roman circus, with Liberal and CCF lions crunching the bones of business. The Financial Post sneered that the government had acted out of "A combination of political fear and old-fashioned peeve." Consumers would enjoy the show.
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