BRITISH TRADE SLUMP.

Taihape Daily Times, Volume XII, Issue 3640, 29 November 1920, Page 5

BRITISH TRADE SLUMP.

CAMPAIGN OF ECONOMY. GOVERNMENT WASTE ' BLAMED. WIDESPREAD UNEMPLOYMENT. , Received 10.85 a.m, LONDON, Nov. 28. . Many journals are conducting a cam-, paign of economy, denouncing the Government waste as the cause of the trade slump, and of the threat of un- ' t employment. Production has been reduced/ not because of the workers’ slackness, but because no capital can be obtained at reasonable interest. Advances from the banks are difficult to secure, bearing tout. jMr. statement that no more credit is available because the Government has absorbed all the credit. Vagrancy is increasing in Yorkshire and Derbyshire, and unemployment is general in Burnley. Germany is selling cutlery in 4 Sheffield below the local manufacturing Tcost, and Colonial orders are going to Germany. Nottingham lace, hosiery and curtain plants are idle. The Gov- . eminent has indicated its recognition of the popular feeling by its recent modifications of costly domestic legislation and its decision to economise in the Middle East. The restoration of trade with Russia and the Navy EstL mates are severely criticised, especially the Navy Estimates, in view of the world position and the obliteration of the German menace.

Received 11.15 a.m. LONDON, Nov. 28. tfhe Daily News reports that the. Premier entertained sixteen financial magnates at Downing Street, the discussion lasting till midnight. The guests were unanimous in urging substantial Government reductions, relieving industry V from the terrific burden of taxation, & and the paper, prophesies thWHhe excess profits duty will not appear in the next Budget.