rd 
willingness to invest money in them decreases as we have shown, 
and therefore “the City,” that is, the business of arranging such 
investments, is in turn affected. 
It may be useful to show here that the decay in industry is 
reflected by such a fall in employment in the City. The following 
table deals with those who come within the scope of the Insurance 
Acts. There are others similarly affected who do not come within 
the scope of the Acts and are consequently not included in the 
table ~— 
NUMBERS AND PERCENTAGES UNEMPLOYED. 
COMMERCE, BANKING, INSURANCE AND FINANCE. 
(Ministry of Labour Statistics.) 
Monthly Average. 
1927 oes - 
1928 wo an 
1929 ee I. 
1930 .— 
January 
February 
March ... 
Apnl ... 
May ... 
June ... 
July  ... 
August ... vs 
September ~~. 
October... 
Total Unemployed. 
5,252 
5,107 
6,007 
7,428 
7,890 
3,027 
3,272 
3,326 
3,120 
3,146 
3 520 
0,073 
y 871 
Percentage. 
24 
2-3 
2.6 
3-2 
5 
5 
A 
5 
35 
37 
3.9 
w) 
SOCIAL SERYICES. 
It has been shown that taxation is excessive and that high 
taxation does injuriously affect industry. 
We have now to look at some of the causes already indicated 
of this high taxation—the purposes for which the money so raised 
18 embloved. 
One of the chief of these is expenditure upon social services 
(see Table appended “K ”’), which benefit only a section of the 
community, but are a tax upon all, and eventually, therefore, both 
directly and indirectly upon industry. 
There are in this country about 12,000,000 persons insured 
ander the Unemployment Insurance Acts. It is certain that of the