AFTERMATH OF WAR

Manawatu Herald, Volume XLIII, Issue 2256, 29 March 1921, Page 3

AFTERMATH OF WAR

SLUMPS OF 1878 AND 1921. Every war brings its period of financial depression, and it is something of an experience to have been on hand and noted the result tho Fi'hnco-Prussian War had on the British woollen industry, and to compare it with the present condition of affairs as the aftermath of the late upheaval. This is the experience of Mr A. Muff, of Fairfield, Levin, who for 40 years was connected with the woollen industry at Bradford, England. He informed a Chronicle reporter last week that at the conclusion of the Franco-Prus-sian War Bradford manufacturers found their trade seriously ruptured, but for a period of six years — 1872 to 1878 —the banks stood to them and staved off disaster. In 78 the hanks could go no further, and the crash came, and like prestmt conditions there was unemployment and tumbling prices. Thousands of employees were drawingonly the food requirements of themselves and families, and they were glad enough to get that. But things gradually mended, and normal times came back. This time the banks have not stood behind the business firms, and the slump has come much quicker. This, Mr Mufl considers, is a good thing, as once prices fell to bedrock it would stabilise matters, and there would he a gradual recovery. “I think wo hirt'e nearly seen the bottom now,said Mr Muff, “and from my experience of the woollen industry I have every confidence that there will be nn improvement in the next twelve months."