RELIEVING THE POSITION.
Because, however, of .the firm's well-deserved reputation in the past, because of the skilful advice which they are now leoeiving and the better administration which seems likely to be secured, and because also there are signs of an improvement in industry generally, I am hopeful that the recent disastrous statement and the present slump in Armstrong, Whitworth's securities may mark the worst period of this industrial disaster. Undoubtedly, the path to recovery during the current year must have been hopelessly blocked by the general industrial depression resulting from the coal stoppage, and not only Armstrong, Whitworth but many of the Iron, Coal and Steel companies' concerns shoced now be making a better showing. Indeed, only this last week I heard in many quarters of some of the Iron and Steel com- panies having larger orders in hand than for a very long time past. At- the same time, and while I am far from asserting that other great industrial concerns are in any such financial plight as that disclosed in Armstrong, Whitworth's statement, it will be well if the lesson should be learned that there are sometimes defects in the management of our industrial con- cerns as well as in the ranks of Labour, and that if we are to get the maximum amount of industrial prosperity, we must hot shrink from overhauling and setting right any imper- fections in that direction if demands are also to be made, as
they should be made, for the maximum _efficiency and industry on the part of the workers themselves.
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