Mr. John Murray's interesting recent letter in the Times dealing
with the financial policy of American Trade Unions has been the subject of general comment. Mr. Murray pointed out that the Trade Unions in the United States adopt a much less militant policy than here. Instead of spending their money in fighting the employers, they largely use it in the purchase of going business concerns or the establishment of new firms. Further, they have done what is, perhaps, even better, that is, they have founded Labour Banks, i.e., bodies willing and able to give credits to associations of workmen. The first experiment was the financing of the Crescent Machine Company of Norfolk by the Mount Vernon Savings Bank, which was acting on behalf of the International Associ- ation of Machinists. The Brotherhood of Locomotive Engineers, a powerful organization, achieved a notable success. According to Mr. Richard Boeckel's Labor's Money, the Brotherhood's Bank has greatly helped co-operative farmers in the West and North-West. This Brother- hood's Bank had under 651,000 dollars in the autumn of 1920. In a year its funds had grown to 101 millions, and m June, 1928, they were over 221 millions.
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