Index and the principal Wages Sliding Scale of the Heavy
Steel Trades :—

Year

1913
1922
1923
1924,
1925
1926 |
1927
1928 |
1929 |
1930

Iron and
Steel

100
136-8
147-2
142-9
125-9
123-5
120-0
“9.0

4D

Prices

All Commodities


100
158-8
158-9
166-2
159-7
148-1
141-4
140-4
186-5
119-9

Sliding
Scale
Percentage

100
129-5
117-1
121-6
119-0
106-8"
106-4
108-1
108-1
108-1

Cost-of-Living

Index

100*
1825
178-7
174-7
1755
172-2
167-5
165-2
164-0
157-7

Tul.

It is frequently asserted—and this has been a feature
of discussions concerning it in political circles—that the industry
 is altogether ‘out-of-date in its plant, technique,
methods and organisation. Such sweeping generalities of
condemnation are not justified by the facts, but may too
readily be made an excuse for the failure of Parliament to
recognise its share of responsibility with regard to the
position of a great basic industry.
We would not charge the present Prime Minister with
any disregard of that aspect of the case, but he can hardly
have been well served by his advisers before making so
unqualified a statement with regard to the industry which
was reported in his speech at Northampton in March last.
So far as any systematic organisation of the industry
and its resources is concerned, we do not question
the indictment, but in other respects there is ample
evidence to show that considerable advance has been
made in technique ~ and mechanieal equipment as
regards steel-producing furnaces and different classes
of rolling mill plant. In this matter the conclusion
 of the delegation which visited the Continent
last year is justified when they state that on comparison
they found that ‘“‘the modernity and equipment of certain
units of plant was equal to, and in some cases superior to,
the iron and steel plants which had been seen on the
Continent.”” Moreover, developments in other directions
have taken place under the auspices of the National
Federation of Iron and Steel Manufacturers, such as
the British Steel Export Association to develop the
export market, the Britisb Steelwork Association to
expand the use of steel in tne home market, particularly
that used for structural purposes, and the establishment of
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