TREND OF WAGES

New Zealand Times, Volume XLVII, Issue 10848, 14 March 1921, Page 6

TREND OF WAGES

CONFERENCE RESULTS IN BRIGHTER SITUATION. AN HONOURABLE - COMPROMISE. By Telegraph—Press Assn. —Copyright Australia:: end N.-Z. r„,. \-s . . n... (Received March 12, 5.5 p.m.) LONDON, March 11. The conference initiated by the Board of Trade between Sir R. S. Horne, the coal-owners, and the executive of the Miners’ Federation, resulted in a more reassuring situation. Sir R. S. Horne suggested lines of an honourable compromise whereby bhe wages problem might be settled. The conference resumes on Thursday. IRON AND BTEEL TRADE IN A PRECARIOUS STATE. LONDON, March 11. The Scottish iron and steel manufacturers report that this week’s business is the worst on record. Continental quotations are much below those at home. There is no alternative t-o closing down, unless wages and raw material are immediately greatly reduced. IN AMERICA RAILWAY POSITION REACHES A CRISIS. CHICAGO, March 11. Probably 160,000 men will be affected by the wage reduction announced by practically every Western and several important Eastern railways. The reductions in many cases amount to 22 per cent.. an 4 never less than 12) per cent-.. The movement is the result of extraordinary efforts by the railways to reach the profitable basis following the return to private ownership after the war. Wages were greatly increased during the Government management, and when the railways were returned to the owners the Government compelled them to take np huge deficits. The workers’ organisations are protesting by all available means, and plan to take s strike rote. Tho Federal Board, controlling wages, must give its approval before the reductions can be enforced. The board, in one or two cases, has refused to permit reductions, but it is felt that it will probably be compelled to approve tho general reductions, in order to save the railways from inevitable bankruptcy, or, at least, acuto financial stringency.