FUNDAMENTAL CAUSES.
At the same time it can at once be admitted that the causes of the present deplorable condition of the finances of the railway companies go very much deeper than anything which can be traced to lack of enterprise or mismanagement on the part of railroad directors or f, officials. In the first place there is the trade depression itself which for so many years has had its chief centre in this country. It would be true to say that the cause of increased costs of production and of ever-increasing trade depression in Great Britain can be traced directly to the growth of Socialistic power which, if it has not actually transferred control of our industrial activities from Capital to Labour, has at least made it impossible for the former to grapple successfully with the difficulties of the situation. If there had been no Great War it is possible that the legitimate striving on the part of labour for increased wages, accompanied by greater leisure, might have proceeded slowly and without pro- ducing a financial or industrial catastrophe, though, as a matter of fact, even before the War some of the unreasonable and undesirable Trade Union *restrictions were making it difficult for many of 'our industries to grapple with foreign competition. When, however, after the War, and its terrific effects on the economic position of the country as a whole, Labour decided to choose that particular time for making its demands for increased wages and increased leisure and to enforce still more strongly its edicts in ,demanding work or maintenance from the State, the result was a foregone conclusion. With such facts as these staring us in the face, I must confess to little patience with those who would seek the .uttermost ends of the earth for reasons to account for the present state of our industries. Maldistribution of gold is for the most part but a reflection of these shortcomings in our own- developments since the War, and whether the :trouble- is in English Railways or other industries,, neither nationalization nor the cutting - (Continued page 804.)
Finance—Public and Private
(Continued from page 802.) .
down of capital will meet the situation, but will rather increase the evil.
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