WORLD-WIDE DEPRESSION.

Hawke's Bay Tribune, Volume XI, Issue 243, 18 October 1921, Page 5

WORLD-WIDE DEPRESSION.

THE UNEMPLOYMENT PROBLEM. OBSTACLES TO SOLUTION. London, Oct. 17. Tho “Daily News” states that Parliament will probably devote the au- • umn session for three or four weeks to a discussion on unemployment. Cabinet has already encountered obstacles to remedial action owing to the worldwide conditions depressing trade. Tho Government is embarrassed bv -he problem of the international exchange. Mr. Austin Chamberlain, in the budget, states that it was estimated that the surplus would be £177. 000.000, of which £80,000,000 was earmarked for the reduction of tho debt and balance reserved for contingencies. The latter is already exhausted and the balance for reduction of debt is jeopardised owing to tho fall in revenue. Mr. Arthur Henderson, speaking at Edinburgh, declared that there would bo no effective solution of unemployment until the international situation is faced boldly.—(A. and N.Z.) BIG “CUTS” IN STEEL. (Received 18, 12.30 p.m.) London, Oct. 17. The North-east Coast steel manufacturers made a cut of seventy shillings per ton for steel plates. Manufacturers declare that they arc not merely sacrificing profits but incurring big losses to encourage trade. —(Reuter).