demand for goods settles upon certain defined lines of production which handle certain materials of definite grade, in certain, somewhat invariable forms and proportions; which leads to well-defined methods and measurements in the processes of production, shortening the average period of "ripening" that intervenes between the first raw stage of the product and its finished shape, and reducing the aggregate stock of goods necessary to be carried for the supply of current wants, whether in the raw or in the finished form.[1] Standardization means economy at nearly all points of the process of supplying goods, and at the same time it means certainty and expedition at neatly all points in the business operations involved in meeting current wants. Besides this, the standardization of goods means that the interdependence of industrial processes is reduced to more definite terms than before the mechanical standardization came to its present degree of elaborateness and rigor. The margin of admissible variation, in time, place, form, and amount, is narrowed. Materials, to answer the needs of standardized industry, must be drawn from certain standard sources at a definite rate of supply. Hence any given detail industry depends closely on receiving its supplies from certain,
- ↑ Well shown in the case of wheat and flour; but the like is true as regards the stocks of other commodities carried by producers, jobbers, retailers, and consumers.
