TRADE SLUMP.

Taranaki Daily News, 30 November 1920, Page 3

TRADE SLUMP.

GOVERNMENT WASTE BLAMED. By Telegraph,—Press Assn.—Copyrleht. London. Nov. 2S. M.-.ny journals are conducting a campaign of economy and denouncing Government waste as the cause of the trade slump and the threat of widespread unemployment. Production has been reduced, not because of the workers' slackness, but because no capital can be obtained at reasonable interest. Advances from the banks were difficult to secure, bearing out Mr. McKenna's statement that no more credit is available because the Government has absorbed all 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. Colonial orders are going to Germany. Nottingham lace, hosiery and curtain plants are idle. The Government has indicated its recognition of the popular feeling by recent modification's of costly domestic legislation, the decision to economise in the Middle East, and the restoration of trade with Russia. The Navy estimates are severely criticised, especially in view of the world position and the obliteration of the German menace. —Aiis.-N.Z. Cable Assn. TAXATION RELIEF i NEEDED. London, Nov. 2S. The Daily News reports that the. Premier entertained sixteen financial (hagnates at Downing Street, the discussion lasting till midnight. The guests were unanimous in urging substantial Government reductions, relieving industry from the terrific burden of taxation. The News prophesies that the excess profits duty will not appear next Budget- ,