We have just escaped a grave economic crisis. The federated
coal-miners, under circumstances discussed else- where, had demanded a rise of 5 per cent. on their wages at once, and 5 per cent. more on July 1st. About a third of the employers yielded, but the remainder stood out, and on Saturday about 100,000 of the miners took out their tools. The result was a partial* coal-famine, and mills, iron-furnaces, and glassworks were closed in Lanca- shire and Yorkshire, till it was calculated on Thursday that 200,000 hands were standing idle. Coal in London rose to 27s. a ton, and in another week the consequences would have been serious ; but on Thursday masters and men held a con- ference, and a compromise was arranged. The men win, receiving an increase of 5 per cent. at once, and 5 per cent. more on August 1st. The demand was not an unreasonable one, but the excessive cumbrousness and costliness of the present method of haggling were never better illustrated. There was no serious quarrel, but nevertheless a dispute which a tribunal trusted by both parties would have settled in two days without suspending labour, nearly produced a trade panic, and will cost the industrial interests of the North at least £300,000.
