LETTERS TO THE EDITOR.
[Letters of the length of one of our leading paragraphs are often more read, and therefore more effective, than those which Jill treble the space.]
FINANCE—PUBLIC AND PRIVATE.
{To THE Emma or 'THE " SPELTATOR."] Sus,—Your 'financial correspondent " Onlooker " has, I think, been wise in calling attention in his interesting weekly letters to the inforniing and educative speeches recently delivered by the bank chairmen. I was surprised, however, in reading his last week's letter that, in drawing so much attention to Lord Incheope'e very pointed speech at the National Provincial Bank meeting, he did not express disapproval of certain passages which seriously marred a speech otherwise so sound and useful. Is it fair or tactful to put reduction of wages so much in the foreground in urging lower prices and costs as Lord Inch- cape and some others have recently been doing? Undoubtedly reduction in wages must come because of the necessity to reduce Oats sufficiently to meet foreign competition and to,enable ottr products to be sold at home and abroad. But should we not be careful at the least to bracket reduction of wages with other methods of reducing costs? The conditions which pre- vailed so long under which manufacturers had practically a monopoly and could fix their own prices undoubtedly led !o much waste and extravagance in the management of production and distribution, substantially encouraged by 'Excess Profits Duty.
It is certainly the case, too, that in many industries it has been not only -the workers but also their employers that have learned to look for high and easy earnings. The need is that all classes of producers should now realise the position that greater efforts and lees profits are the order of the day for every one, and that the quality of their products mast be Seen to as well as quantity. The sooner they do so the better for the safety of our commerce and finance. There are im- portant industries whose -captains are still commanding profits higher than cysts justify, and it will be no wonder if soon they
find themselves supplanted in foreign and home markets and they and their employees short of work and earnings.
My point is that we must not put too much of the responsi- bility for high costs on the workmen. I question whether in fairness we can say that on an average all over wages and lower-grade salaries increased more than the cost of living or even as much, or that in the industries where excessive wages have been paid the profiteering of the individual employees has been generally in proportion to the profits of the business in which they were employed.
It is questionable, further, whether of late the men have been taking their work much easier than their masters. All classes of producers must make greater efforts as to the quality and quantity of their output, and also as to its distribution, if we are to hold our own. The sooner this is realized the better it will be in the lean times we have entered.-1 am,
Previous page
