Tuesday's Times publishes a very interesting letter from Sir Hugh
Bell, the well-known ironmaster, the subject being Mr. J. J. Hill's recent speech at Washington. Very wisely, as we think, Sir Hugh Bell dismisses as unproven the allegation that there is a want of skill and enterprise on the part of British capital invested in manufactures in this country. The essential part of Mr. Hill's criticism is, he deems, that which deals with the shackling of the capitalist by the Unions. He reminds his readers that the only source from which the increased demands of the men are to be met is the total revenue of the undertaking on whose prosperity wages depend. Already, be declares, in his own business seventy-five per cent..of the total revenue is absorbed in the payment of wages. Of the re mai nhag twenty-five per cent., he calculates that only about ten per cent, goes to the reward of the capitalist for all purposes. But, says Sir Hugh Bell, if the capitalist takes more than about half of this for himself, he will not be able to main- tain his works on the basis of profitable employment. By this he means that five per cent, must be put back into the business every year for the purpose of necessary improve- ments and renewals, As. "It will be seen, therefore, how small is the margin within which any increase can be given to the share of the workman." Until comparatively recently there has been a steady increase, not in the percentage given to the workman, but in the actual wages paid to him —"that is to say, by improved methods he has been made a better man."
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