' The Balfour Report contains a number of conclusions which
flow from the information provided in the six previous Reports. It is signed by all the mernbers_excent Mr. C. T. Cramp and Mrs. M. A. Hamilton. Five other members, though they have signed the Report, express the opinion that only a complete co-ordination of all the national resources under the direction of the State can really put an end to industrial depression. The Committee think on the whole that the fusions of British banks have served industry very well, but they are anxious that effective competition among the banks should be main- tained. They consider that the return to the Gold Standard was necessary, and that the transitory industrial dislocation was inevitable. They support ..he principle of payment by results, and remark that voluntary methods of settling wage disputes are vastly preferable to any uniform system imposed by law. They were struck by the general dislike of com- pulsory arbitration. They speak of unemployment insurance as one of the greatest advances of the last genera- tion in social amelioration. This is a remarkable but welcome declaration, and it ought to help to put an end to the unfair and humiliating use of the word " dole " as applied, not to Poor Law relief, but to benefits under the State scheme of contributory unemployment insurance,
