All this shows how silly and impracticable it was to
talk of a 'guiding light' for wages. When the 'wages policy' was introduced it was cus- tomary to talk of 'wage rounds' and `pace setters' in the wage rounds and the trade union leaders were held up to ridicule for their irre- sponsibility. Mr. Knowles and Mr. Robinson have proved by their painstaking research that there is no such .thing as an annual wage round, that there are no such groups as 'pace setters' -there may be regular coalitions of groups, but no regular leaders-and that any attempt by the government to assess the 'permissibility' of a particular increase in wage rates is futile; because the government can know nothing about the subsequent extent of the wage 'drift.' (If the 'gap' declined in percentage terms, the rise in wage rates could exceed the 'guiding light'; if it increased it would have to be lower than the 'guiding light.') Wages, they say, are now 'highly structured' and government intervention has only made things worse. To quote: The experience of "wage restraint," the "wage freeze" and the "pay pause" has shown at the cost of widespread discontent that any attempt confined to check- ing all increases in nationally negotiated wage rates will create . . . increasing anomalies by victimising those industries where earnings can- not be raised in response to higher productivity or by local negotiations-in partictilar, the nationalised industries and public services.' Which explains the threatened strike of our postmen.
The truth is that in demanding a 'wages policy' Mr. Maudling is in effect merely asking the workers to behave decently in an economic free-for-all, the behaviour of which they regard as indecent. I must say he has some hope. Mr. Callaghan, who confronted him on BBC's Panorama this week, did not rate his chances of success very highly. But would Mr. Callaghan's chances be any brighter in this split society?
Investment Notes
By CUSTOS
rr HE equity share markets are looking firmer, I partly because it is now evident that the general election will be in June, which clears up one uncertainty, and partly because the unit trusts are continuing to make new issues and are bringing new funds into the market. There have been some remarkable ups and downs. The dis-
Directors: H. B. E. Hake, C.B.E., R. 0. Jenkins, Secretaries and Agents : Harrisons & Crosfield, Summary of Directors' Report and Accounts PROFIT AND DIVIDEND Profit after tax ..
Replanting expenditure .. Dividend for year-50 per cent.
CROPS Rubber , .
Tea .. ..
Copra .. ..
Palm Oil/Kernels Oil Palm Fruit
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