NOTES OF THE DAY

Dominion, Volume 13, Issue 203, 22 May 1920, Page 6

NOTES OF THE DAY

It is good news that the employers of the Dominion are to meet in confeience next month to consider the industrial position and make some effort to allay "the growing industrial unrest." Even those who are most gaily assisting to round the vicious circle must perceive that industrial unrest cannot "grow" much further without crippling the whole productvc organisation of the Dominion. The pending conference of employers ought- to pave the way for a representative national conference, at which the consuming public, as well as the parties engaged, and too often opposed, in industry, ought, if possible, to be adequately represented. It is staringly apparent that means must be found of limiting unrest and increasing production if the country is to enjoy prosperity and enter upon a period of enterprising proA national conference honestly intent on exploring the possibilities of intelligent co-ordination in industry would certainly have no difficulty' in mapping out conditions, offering vastly greater benefits to ,all concerned than those at present in vogue. The whole question is whether employers and workers are capable of meeting in the spirit of candour and fair dealing which alone would make such a conference effective. It will' be a poor outlook for the whole community if sincere effort on these lines is neglected much longer.

Measured in money values, the total trade of Great Britain last year was nearly twice as great as in ,a 1913. As regards the volume of commodities, however, last year's trade showed, in comparison with .that of 1913, a heavy decline. A clear statement of the position is given in a recent issue of the Earnomist. By a somewhat elaborate calculation, taking account of the quantities of goods imported and exported, that journal worked out the figures for .1919 trade a v t the prices shown .in- the returns for ,1913. In this way the following 'comparison was obtained: —

(Million £.) Value of 1919 .. ' ..Value trade Value recorded at recorded in 1919.1913 nricta. in 1913. Imports 1,631.9 668.5 768.7 Exports 798.4 289.5 525.2 He-exports 1613 95.9 109.6 Total turnover 2.59-1.6 1,075.9 1.403.5 While the total trade turnover showed an increase last year of 1191 millions as compared with 1913, tho volume of imports declined by 10i per cent., and that of exports of United Kingdom products and manufactures by 4l per cent., while reexports declined by 12i per cent. "The a-vcragc prices of imports have, . therefore," the Economist points out, "risen by about 140 per cent., of exports by 170 per cent., and of re-exports by 72 per cent." It is of some! importance that the margin between imports and exports is widened by the heavy increase in freights during the war period. In the official returns on which tho foregoing figures arc based; imports into Britain arc valued at the price at which they reach that country, including freight and other charges, while exports are recorded'at the value at which they arc shipped. The figures arc instructive alike as showing the leeway Britain has still to make up in production for export and in indicating how heavily the prices of British exports have increased. It will be observed that, from tho point of view of the oversea buyer, freight and other charges are to be added to the increase of 170 per cent, on the pre-war prices of exports, -and 72 per cent, on the prices of re-exports.

Mk. Morton is the latest municipal reformer with designs on the Kent Terrace reserve. The other day wc had the director of the reserves outlining a plan for rooting up most of what vegetation now exists and remodelling the reserve with an avenue of trees. Incidentally the plan involved the removal of the statue of .Qukbn Victoria, not so many years shifted from the Post Office Square to its present' position. The suggestion has been proffered that the national war memorial might take the' for© of a great arch in the midst of the Basin Reserve with Kent and Cambridge Terraces remodelled as a wide treeplanted boulevard leading up to it with a continuation beyond up Adelaide Road. Now wc have Mr. Morton advising us to put the tr\m lines down the centre of the reserve. The original avenue of trees between Kent and Cambridge Terraces was certainly a forlorn and painful' affair that was converted into firewood without regret. At the same time it would be wise to avoid an indefinite series of experiments on this reserve on the lines of those conducted by the small hoy who dug up his peas every morning to be suro they were 'growing properly.

The sudden collapse of the extreme high prices in the United States reveals the extent to which the rise in costs was artificially created 'by the withholding •of goods. We are told, that manufacturers "express their willingness to co-operate with bankers to reduce the cost of, living," which most people will be inclined to regard as a. somewhat belated measure. Tho explanation is apparently that merchandise has been allowed to accumulate in store in enormous quantities in anticipation of still higher prices. This has led to an extraordinary demand on the banks for credits against unsold stocks, and the breaking point was evidently reached with the heavy decline in exports in consequence of the exchange being so adverse to foreign buyers. Once price-cutting began* on any stale a scramble would naturally follow among the other sneculative holders to realise on their stocks before a further shrinkage in values occurred. ' Concurrently with this pricking of the profiteering bubble_ in America cdmon news of a decline in the extravagant spending that has been tho rage in London for so long. The evidence all points to a gradual return to healthier conditions, though not | without anxiety and possibly hardship in many quarters.

The later news of events on the Russian front speaks for itself as suggesting that the Poles took undue risks in their recent offensive and are now paying the penalty in an enforced and hasty retreat marked by heavy losses of men and material. It is noteworthy that they arc not only being rolled back in j the Ukranian territory through which a few days .ago they made a rapid and spectacular advance, but simultaneously arc being attacked about three hundred miles further north, in the region east of Vilna. Here the Bolsheviks, by. their own account, are driving, on a fifty mile front, into the northern flank of the Pplish line. This flanking . movement probably goes far to account for the haste with which the Poles are retreating through-the Ukraine With hundreds of miles of front to defend and their southern forcea far advanced, they are badly placed to resist a turning movement against their northern flank if it is developed in any .great strength. As news stands the northern attack is at an early stage of .development, the Bolsheviks claiming that they have reached a line about 120 miles east of Vilna, and therefore nearly 200 miles e/ist .of the Polish frontier. On present appearances, however, the Polish armies are critically placiHl and will have no easy task in establishing a defensive line.