28 AUGUST 1926, Page 30


Nor has the market been entirely unaffected by the rumours current from time to time of possible big fusions, not only in colliery businesses but in some other key industries. Such reports may conceivably be premature, but for some long time past the view has been held in financial quarters that while a different attitude is required on the part of Labour, and especially on the part of the coal-miners, it is necessary, if the country is to get the full benefit of more strenuous effort on the part of Labour, that there should also be an increase in economy and general efficiency in. everything pertaining to managerial organization. Briefly, it is felt that it would be little short of disastrous if the coal crisis were to end in a kind of patched-up peace, leaving neither coal-owner nor coal- miner in a sound and prosperous condition. What is required in coal-mining and many of our key industries is that there should be a big forward movement and, with an eye fixed on foreign competition, the aim should be to secure the maximum. amount ,of _efficiency and individual effort. That, however, can only be obtained if Capital and Labour alike are attracted by the prospect of ample -reward. There is no reason whatever why- that prospect should not be realized, though-the trouble with-a 'certain section of Labour, including_the miners, is ,not so much thb eagerness for high pay, as the disidelination to work more i.egularly and strenuously-even for a higher total salary than that at present received.

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