THE SETTLEMENT TERMS

Hokitika Guardian, 13 May 1926, Page 3

THE SETTLEMENT TERMS

ARRANGED BY sir H. SAMUEL. STATEMENT IN COMMONS. [Australia & N.Z. Cable Association.] (Received this day at 11.25 n.m.) LONDON, May 12. The strike settlement is based on the following memorandum drawn up by Sir H. Samuel’, acting entirely on bis own initiative:—

Firstly.—A renewal of the subsidy for a. reasonable period. Secondly.—The creation of a Mining Wages Board. Thirdly.—No revision of previous wages, unless assured the Coal Commission’* plans for reorganisation can be effectively adopted. The Trades Union Council accepted this.

Mr Baldwin, in a dignified speech in the Commons, said it was a victory for common sense. We must not look backwards but forward, and work in a. spirit of co-operation and leave all malice and rindicitiveness behind.

Mr Ramsay MacDonald paid a tribute to the large spirit of Mr Baldwin’s statement, which be said the Oppositionists would do nothing to breach. It is officially stated the miners will not resume work pending the delegates’ conference on Friday.

ONE EFFECT OF STRIKE. LONDON, May 12. The effect of the strike on the Exchequer returns is shown by a seven millions diminution in revenue last week, compared with last year. HOW NEWS WAS~RKC'EI VJSI). {Received this day at 12.30 p.m.) NEW YORK, May 12. The market ultimately responded strongly to the news of the British strike settlement. The early strength was on. broad scale with tille gains of one to five points, hut w/as not naintained. A price concession followed, accompanied by dullness, hut a forward movement was again resumed in the lato trading. Bond and curb markets also reacted favourably to the settlement news. Gratification everywhere was expressed at the termination of the British strike. President Green of the American Federation of Labour said the working peoplo in United States in common with other groups were gratified to learn ttyat tiho general strike was at an end. The Secretary of Commerce, (Mr Hoover) said the whole world was relieved and a gVad settlement was reached.

The Secretary for Labour (Mr Davis), said the promptness with which it was brought to an end 'and the manner in which it was conducted proved conclusively that British workers were not dominated by Communists and other radical groups. The New York “Evening Post” said the Government and people of Britain have won a notable victory. Premier Baldwin IDs given a knockout blow to the scheme of a general strike. The New York “ Sun ” says the culling off of the strike gave Britain cause for rejoicing. The rest of the civilised world is feeling great relief. A New York telegram states the collapse of the greatest of all strikes is the most important event in recent history of popular Government, and a staggering blow to anarchy organised in Soviet Russia, and elsewhere for the purpose of world disorganisation.