Thoughts For The Times.
Economic Deflation. They might rest assured that every effort would be, made by the British Government and the banks to make deflation as gradual as possible, but the. process was bound to be accompanied by several labour troubles and social discon_ tent. However bitter the pill might be it would be the ultimate benefit of labour to accept the inevitable reduction in wages and exert the maximum combined effort with capital to increase production. A considerable increase in production might even permit the high level of wages to remain. Labour consumed probably 90 per cent, of the fruits of production, and had everything to gain by intensified output and everything to lose by wilfully diminished production. He believed the working classes could be relied oh. to put forth their best efforts once they under, stood the, necessity and advantage of so doing.—Economic lecturer in England.
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Hokitika Guardian, 3 November 1920, Page 2
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149Thoughts For The Times. Hokitika Guardian, 3 November 1920, Page 2
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