On Friday week the very satisfactory announcement was made that
at a meeting of the masters and operatives of the cotton trade at Manchester the wages dispute was settled. It will be remembered that a revised conciliation scheme for the automatic adjustment of wages was drawn up in 1905, but a dispute arose as to one point in this scheme, and during the past few months has threatened to wreck the whole principle of automatic adjustment. The dispute was as to the fixing of the line between plus and minus in the ever-changing profits of the cotton trade. The men wished to take as the norm of their rate of wages the level of the last " boom," when wages were five per cent. above the " standard list." The masters wished to adopt the line of the " standard list" itself, according to which wages would have now to suffer a five per cent. fall. On Friday week it was agreed unanimously that the masters' demand should be withdrawn on the understanding that no demand for a further change by the men should be made for five years. In other words, the conciliation scheme comes into force. We heartily congratulate masters and men on this sensible compromise, which is worthy of Lancashire.
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