ECONOMY CAMPAIGN

Dominion, Volume 14, Issue 56, 30 November 1920, Page 7

ECONOMY CAMPAIGN

WASTE DENOUNCAD AS CAUSE OF

TRADE SLUMP

PRODUCTION REDUCED FOR LACK OF CAPITAL

By T»l«frra.Dh—Preßs ABBoolatlon—OopyTleM London, November 28. Many journals are conducting a campaign for economy,- and denounce the Government's waste as tho cause of the trade slump and the threat of widespread unemployment. Production, they declare, is reduced, not because tho workers are slack, but because no capital can be obtained at reasonable interest, and advances from the banks are difficult to get. This bears out Mr. M'Kenna's statement that there is no more credit because the Government has absorbed all tho credit.

Vagrancy is increasing in Yorkshire and Derbyshire, - and unemployment is general in Burnley. '• Germany is selling cutlery in Sheffield below the local manufacturing cost; and colonial orders are going to Germany. The Nottingham lace, hosiery, and curtain plants are idle. Tho Governmenil has indicated its recognition of popular feeling by recent modifications of costly domestic legislation, the decision to economise in the Middle East, and the restoration of trade with Russia. The A.rmy and Navy Estimates are severely criticised, , especially those for the Navy, in viewof the world position and the obliteration of the German menace.

Tho "Daily News" reports that the Premier entertained sixteen financial and manufacturing magnates at Downing Sifreet, and held a discussion lasting till midnight. The guests were unanimous in urging substantial Government reductions to relieve industry of the terrific burden of taxation. The "Daily News" prophesies that the excess profits duty will not appear in tho next Budget—Aus.-N.Z. Cable Assn. UNEMPLOYED IN UNITED STATES

New York, November 27. The American Federation of Labour has stalled that there are more than two million unemployed in tlhe United States now. and therefore urges that above all else a Bill totally prohibiting immigration for a. fixed period, of probably a year, should be put before Congress — Aus.-N.Z. Cable Assn.