In May 1956...a working party of officials submitted a report on "German Competition with particular reference to the Engineering Industries". It made grim reading. Between 1953 and 1954 German exports rose by 40 per cent in volume and her share of world trade in manufactures rose from 13.3 per cent to 15.6 per cent, whereas Britain's share fell from 25.5 per cent to 19.8 per cent. In those same years output per man in manufacturing "improved almost twice as much in Germany as in the United Kingdom".

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "In May 1956...a working party of officials submitted a report on "German Competition with particular reference to the Engineering Industries". It made grim reading. Between 1953 and 1954 German exports rose by 40 per cent in volume and her share of world trade in manufactures rose from 13.3 per cent to 15.6 per cent, whereas Britain's share fell from 25.5 per cent to 19.8 per cent. In those same years output per man in manufacturing "improved almost twice as much in Germany as in the United Kingdom"." in the context of "p. 398" to mean that wisdom is timeless.