DEPRESSION IN ENGLAND

Otago Witness, Issue 3489, 25 January 1921, Page 24

DEPRESSION IN ENGLAND

RANKS OF UNEMPLOYED SWELLING LONDON, January 16. The week-end sees a great accession to the unemployed ranks, the complete or partial closing of more works rendering idle an additional 100,000 people. The short-time notice posted in the Government docks and arsenals caused turbulent excitement. Mass meetings strongly condemned the Government's action. The Sunday newspapers view trie situation gloomily. Mr J. L. Garvin, in the Observer, attributes the position to the crushing load of taxation, which must be lightened by hook or by crook. Mr Blatchford denounces the Government’s Labour proposals for meeting unemployment as simply political quackery. Some papers foresee an early general election unless the Government evolves i bold policy of reconstruction. REVOLUTIONARY MOVEMENT ANALYSED. The Times publishes the first of a series of articles by Dr Arthur Shadwell (the well-known publicist) written after a tour of the industrial areas. He closely analyses the revolutionary movement in Britain, and finds that there is a maze of activity, but little cohesion. Individualism is rampant among the communistic societies. Although London is the headquarters, the chief stronghold is the Clyde, where there is explosive material and a prodigious circulation of literature. The moderates think the acute unemployment may prove a match to the powder magazine. Moreover, 60,000 Sinn Feiners drill regularly in Glasgow in their own halls. Dr Shadwell does not find much of the extremist tendency among the genuine unionists; indeed, Bolshevist stock has fallen heavily in Britain and on the Con tinent. He welcomes the activities of Labour colleges -with their full-time tutors and strong propaganda influence, because he is convinced that passion stands only for a bloody revolution, while reason makes for reform. | Dr Shadwell is convinced that the trend of events amongst all excepting the passionate extreme left may be entrusted to the Labour Party in Parliament. SPINNING AND WEAVING INDUSTRIES. LONDON, January 15. A big drop in the price of yarns, estij mated at 60 per cent., is forecasted from j Belfast, as a consequence of the lapse of the agreement among British and Con tinental spinners, thereby creating a free ; market. A fall in the prices of linen goods, amounting to 35 per cent., is also predicted. FINANCIAL STRESS. LONDON, January 15. The creation of a chain of Imperial banks on the lines of the United States Federal Bank system and the adoption of silver in a fixed ratio to gold for inter national payments are the principal remedies in a scheme mooted by the Financial , Times as more likely to rectify the coli lapsed foreign exchanges than any other ; international action. It is claimed that the ! scheme will especially benefit the Empire and make an impasse like that in South i Africa a few months ago impossible. It | will also ease the situation created by the mutual refusal of Britain and Australia to allow the export of gold. IRON AND STEEL WORKS CLOSE. LONDON, January 18. Several thousand workmen at the large Dowlais Steel Works in Wales have received four weeks’ notice, owing to a lack of orders. January 19. Owing to the acute depression Palmer’s ; firm at Jarrow will probably close the ! whole or part of their iron and steel j works. All the employees were notified | that they would be engaged only from day ! to day after the end of the month. | Freights are dull. Steamers are fixed : for the Australian wheat trade in Febru- ! ary at 82s 6d per ton, and sailers at 60s i jhe Scottish lime trade has slumped. I Many firms have not booked an order for ! two months. Buyers are refusing to enter I me market. ) Lord Weir states for the past 12 months I his firm’s output has been 40 per cent, less ! than it would have been if all tire works | had been free to undertake any work available and produce all they could. Fullv 70 per cent, of the other firms confirm this view. SHARP CUT IN STEEL PRICES. LONDON, January 20. The Scottish steel makers have made a drastic cut in prices with a view to saving ! heavy foreign orders which are going to Germany, Belgium, and America. The reductions vary from 21s to 70s per ton, ! and carry a sharp drop in wages under i the sliding scale. . j STEEL PRICES REDUCED. LONDON, January 21. Following upon the Scottish example, the Middlesbrough manufacturers have reduced . steel prices uy 20s to 40s per ton. GERMAN COMPETITION BEGUN. LONDON, January 21. Most of the Welsh tinplate workers are idle owing to surplus stocks, valued at t £5,000,000, which are being offered at 6s s per box below the cost of production. A Hull firm, in competition with Ger-

many, lost contracts which would have kept the works employed for two years. The Belgians continue to dump iron bars at prices far below cost. ATTITUDE OF WORKERS. LONDON, January 21. Scottish Labourites, interviewed regarding the fall in wages and prices, were reticent about the policy of the unions; but it is believed that Labour will resist suggestions for general reductions, and will concentrate on maintaining the workers’ standard of living. The unions generally are awaiting action by the employers. MAINTENANCE OF' UNEMPLOYED. LONDON, January 23. The Parliamentary Committee of the Trades Union Congress and the Joint Committee on Unemployment recommend that those for whom no work Is available through employment exchanges or trades unions are entitled to maintenance, including benefits under the Unemployment Insurance Acts at the rate of 40s weekly for each householder, 25s for each single man or woman, and additional allowances for defiendents. WIDESPREAD DISTURBANCES. BRISBANE, January 22. Mr M'Gregor, British Trade Commissioner for Australia, has returned from visit to America, England, and the East. He found trade conditions everywhere much disturbed, and trade harassed by labour troubles. The situation is serious. Ho said there was no doubt at all that prices would decline, but no one could even guess the extent of the fall. The commercial collapse of Russia was felt all over the world, and the only way out of the difficulty was the resumption of trade between Britain and Russia on a straightout system of barter, because Russia had no currency. Mr M'Gregor said that England socially had undergone a great change. The workers were determined to have more of the good things of life, but they did not dream of revolution with actual violence. PAPER TRADE DEPRESSED. CHRISTIANIA, January 21. Owing to the stoppage of English, French, and American orders, causing stagnation in the paper trade, the majority of the mills in Norway and Sweden are closing clown or curta-ling the output.