19 MAY 1928, Page 2

The 'Prime Minister in Manchester on. Wednesday delivered a most

courageous and searching homily to the employers of the cotton industry. It was very timely. If the employers simply resort to the bad old policy of cutting wages they will ruin not only their own trade but perhaps that of others.. Mr. Baldwin told them that there is only onc- way—a radical reconstruction of capital. Everyone—shareholders and bankers alike— will have to make sacrifices. Lancashire used to think one day what England would think the next. Will she not again take the lead ?