Mr. J. H. Thomas was quite justified in describing the
agreement between the railway companies and their employees as " a great settlement—a triumph for British common sense." The friendliness of the discussion over such a painful subject as the reduction of wages was a remarkable example of the new spirit in industry. The trade unionists frankly recognized that the interests of themselves and of the companies were identical. If they fell they would fall together. Mr. Thomas and his colleagues did not give way on all points, but in essentials they admitted that the case of the companies was proved. They accepted a reduction of 2i per cent. on standard rates, which will mean a saving of about £3,000,000 in the wages bill. The directors, for their part, spon- taneously accepted a reduction of 2} per cent. on their salaries.
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