14 MARCH 1925, Page 32

FINANCIAL NOTES

SUBSIDIZING INDUSTRY.

The securing by Hamburg shipyards of orders which ordin- arily might have been expected to come here has served to emphasize in startling fashion the extent to which in some of our industries, at all events, we are handicapped in foreign competition by high costs of production in this country and also by Trade Union restrictions in the matter of working hours, &c: Moreover, in this particular -case 'German ship- builders appear to have been aided, at all events in the financing of the operation, by the German Government using part of its unemployment funds in making advances to the industry on low terms.

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