practically disappeared. After about twelve months’ interval
 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 followed
 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 country
 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 following
 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 comparison
 between the Ministry of Labour Cost-of-Living
{ 10)