INDUSTRIAL SUICIDE

Poverty Bay Herald, Volume LIII, Issue 16317, 18 April 1927, Page 10

INDUSTRIAL SUICIDE

BRITISH STRIKE LOSSES. SERIOUS ECONOMIC STRUGGLE, Speaking at the annual gathering of tlie Wellington Chamber of Commerce, the Friirie Minister (Right- Hon. J. G. Coates) emphatically doclarcii that Britain’s coal strike was the most serious economic struggle that , a modern industrial nation had ever faced. Lord Asquith had described it as the most serious domestic event of' his political lifetime. For months and perhaps years its repercussions would be felt, directly or indirectly, in every branch of world industry and commerce, particularly affecting Britain and Dominions. The full cost could never be exactly estimated in money, but some of its economic effects might be stated as follow: Estimated total loss of working days was 160.000,000. Estimated previous maximum loss (real) 80.000,000. Estimated prior to 1021, biggest- loss was (in. 1912) 48,000,000. Estimated loss in productivity, £400,000,000.

Estimated wage losses—not less than £100,000,000. National revenue over £23,000,000 less than was estimated, of which 171 millions would he duo to coat strike. Additional expenditure duo to coal strike, £14,500,000. Loss in income tax and super tax, not less than £30,000,000, largely duo to coal strike. it might be said that the real cost of the strike had been the value of those goods and services wlijch, as a result of the strike, had not- been produced, and which, had the strike not taken place, would have been produced. In other words, the real loss was that of production. It had also been claimed that as a result of the huge economic loss, the standard of .living of the British public had been permanently reduced. The effects had boon so widespread that there was hardly a- section of the whole community that had not beeu injuriously a fleeted to a greater or less extent-. No numerical statement could express the full significance of sucji features of the strike as the lowering of the vitality of the population in particular areas, changes in industrial psychology, and in the relations between employers and employed.

Between May and October, 1926, some 14,000,000 tons ot coal was imported into Great Britain, average c.i.f. price £2 3s ton. During November contracts were placed at well over 70s a ton. Instead of exporting Britain was importing coal at the rate of 60,000,000 tons a year, and these coal importations had probably mt the national accounts to tho had to the extent of about £60,000,000. The Prime Minister added that in such a. critical year, it was indeed unfortunate that the hopo of recovery should have been dashed, not by foreign competition, but by industrial suicide within' the heart of the Empire itself.