THREE ESSENTIALS.
It must, I think, be gratifying to the Bank of England to find that the attitude which it has adopted towards the general question of reorganization and rationalization of many industries is finding increasing favour both in industrial and banking circles. Thus, at the meeting of Martins Bank, the Chairman referred to-the fact that in the cotton spinning section the Lancashire Cotton Corporation, Limited, which hopes soon to control some ten million spindles, has been constituted with the help of the Bank of England and the co-operation of the joint stock banks, and is now engaged in effecting all possible economies. After referring to the three essentials of manufacture and production, namely (1) management, (2) machinery and .(8) labour, Mr. Paton thought that more generous allowances ought to be made by the taxation authorities where machinery when worn or obsolete was replaced out of revenue. Attention -must also be given to the problem of labour when it is proved to be inefficient, and the whole country will echo the opinion expressed by Mr. Paton that if the Trades Unions could be brought to see the wisdom of modifying the restrictions they imposed on production, the result would be immeasurably beneficial to the whole trade of the country and to the workers themselves."
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