willingness to invest money in them decreases as we have shown, 
and therefore “the City,” that is, the business of arranging such 
nvestments, 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 _ 
1928 yo 
1929 ee 
1930 .— 
January 
February 
March ... 
April ... 
May ... 
June ... 
July ... 
August ... 
September 
October... N 
Total Unemployed, 
5,252 
5,107 
8.07 
i 498 
7 890 
3,027 
3,272 
3.326 
120 
48 
©3520 
~ 
9 1 
Percentage. 
2-4 
2-3 
92.6 
3-2 
35 
3:5 
3-6 
3-6 
35 
3:5 
2.7 
SOCIAL SERVICES. 
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 
is emploved. 
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, botk 
directly and indirectly upon industry. 
There are in this country about 12,000,000 persons insured 
under the Unemployment Insurance Acts. It is certain that of the