Has Now One Penny For Every Shilling.

Star (Christchurch), Issue 18465, 17 May 1928, Page 4

Has Now One Penny For Every Shilling.

BALDWIN DECLARES HE HAS LOST MONEY IN STEEL INDUSTRY SINCE HE BECAME PRIME MINISTER (United Press Association.—By Electric Telegraph.—Copyright.) (Received May 17, 12 noon.) LONDON, May 16. ii T7OR every shilling I possessed when I .F became Prime Minister I have got something under a penny to-day owing to the vicissitudes of the steel industry,” said Mr Baldwin at the British Cotton Growing Association luncheon, at Manchester. “ I only say that to make you feel that I am one of yourselves—concerned in industry in deep w'aters. There is only one way out in the steel industries: That is that capital must come down until represented by live assets. Before better times are possible all must make sacrifices, perhaps even the bankers, who are better olf in having living customers rather than corpses. “ Lancashire always had a thundering good opinion of itself; now is its chance to justify its claim and lake the lead. England must get together, cut out the dead -wood and clean up the mess due to the boom of 1919. I always have immense faith that when it conies to mixing brains and business this old country can beat the world.” He paid a tribute to the success with which the cotton trade was overcoming the problem of supply by Empire cotton-grow-ing. He paid a tribute to the cotton operatives, grandsons of the men who tightened their belts and helped to carry Lancashire through the American Civil War. Masters and men had stood together repeatedly, and the masters should think twice or three times before they sacrificed such a great record of partnership. England had always been proud of Lancashire, and would be infinitely prouder if it took off its coat, rolled up its sleeves and set to, grimly determined to pull through a time that would daunt all but the most courageous.—Australian Press' Associa-tion-United Service.