practically disappeared. After about twelve months’ in- 
terval of inflated trade, the industry, in 1920-21, dropped 
into the inevitable slump, which was gravely accentuated 
by two national stoppages in the coal-mining industry 
within a period of six months. During the years that have 
since elapsed, in which the industry has been struggling 
to find an outlet for its products, prices, as regards a 
considerable percentage of those products, have dropped to 
a level even below cost of production, wages have fol- 
lowed suit, and abnormal conditions of unemployment and 
ander-employment have prevailed. 
The unemployment position is indicated in the following 
table, which covers a period of six years ending December, 
1930, excluding 1926, which was abnormal owing to the 
mining dispute. 
COMPARISON OF UNEMPLOYMENT IN THE IRON AND 
STEEL INDUSTRY WITH GENERAL UNEMPLOYMENT 
(Yearly Average percentages) 
Pig Iron Trade .. 
Steel Melting, Iron 
Puddling Furnaces, 
Rolling Mills, etc... 
General Unemplovmen? 
1924 
1925 
1927 
1928 
1929 
1980. 
14-8 
19-7 
14-6 
16-5 
12:1 | 
28.9 
211 | 24:5 128 | 21.2 | 19-8 | 84-1 
0A 11.0 a.” "10.9 ! 10.8 
16-8 
Concurrently, the rapid return to the gold standard and 
the stabilisation of British currency, while the countries 
of our competitors adopted a policy of inflation, was a 
serious handicap in competition to an industry in a coun- 
try placed in open competition, not merely in its export 
trade. but also in its home market. 
At the same time, transport charges and the cost of 
other commodities to the industry, and the cost of living 
to its workpeople, have been altogether out of proportion 
to the prices at which it has been compelled to sell its 
products, and for the past ten years it may be said that 
the industry, as regards the heavy sections In particular, 
has suffered exploitation by other trades and sections of 
the community. This will readily be seen from the fol- 
lowing figures, which give the yearly average price index 
for iron and steel as compared with the average of all 
commodities, including iron and steel, in relation to 1918, 
as compiled by the Board of Trade; also a similar com- 
parison between the Ministry of Labour Cost-of-Living 
{ 10)