The Sun.
London, England, 1869-06-28 00:00:00

IGAILER'S STRIKE IN WORCESTERSIIIRE

Another of those strikes among the operative nailer'
which are of such frequent occurrence in Worcestershire
and South Staffordshire is now rife in the locality of
Bromsgrove. The district at present affected by it
includes Sidemoer, Catshill, Bowen Heath, the Lickey
and Lickey End. The strike has arisen out of a
resolution adopted by the masters a few weeks since
to reduce the wages of their nailers 10 per cent.,
and so bring them down to the standard paid to the
operatives in the same branch in what is called the Upper
or Oldhill District. The manufacture of nails is ordinarily
paid for at so much per thousand, according to a scale or
" list," and, accepting the statements made by the men,
the reduction as at present proposed will be a loss to
them as between 20s. and lEs., that is their computation,
the figures not representing any particular quantity of
work as defined in the scale. The nail masters justify
the resolution at which they have arrived by the circum-
stances of their fellows in the districts above-named
beating them in the market in consequence of '
the lower rate which they are paying to the operatives. It
is further contended that it is in other respects desirable
the scale of wages should be on an e ,nality in both dis-
tricts. The men make answer that already their wageascale
is too low ; that under it they and their families can
barely earn subsistence, and is consideration of this
they contend that their computation, according
to which they now earn 20s. should rather be
raised to 225. than lowered to 18s. Another
alleged cause of grievance by the men is that bad,
or, as they designate it, " hell-hole iron," is issued to
them ; that from it they are unable to produce such good
nails as is expected of them, and that, consequently, they
are compelled to exchange the said iron for what is called
" British," which involves them in a considerable loss.
The men want their brother workers in the Old Hill dis-
trict, or " Up-country " to join them in this contention,
and by means of a pull all together to get an advance on
their own wages scale. At a meeting of the operatives it
was resolved that they should go in a body to the district
and endeavour to induce the men to co-operate. A general
meeting of nailers will be held accordingly. Since the
strike commenced the men have been aided by contribu-
tions from the tradesmen of the locality and by donations
from trade operatives, and Baroness Windsor has sent
£lO. On Friday 2,400 loaves were distributed. The men
have been admirably well conducted since the strike
commenced, not the least disorder of any kind having
occurred.

TRADE AND FINANCE.

A comparison of the position of the stock markets with
that of some twenty years back affords some very peculiar
features which are well worthy of notice. Foremost
among these is the great depreciation which has
taken place in the value of foreign bonds, and
which has been gradually making progress since
the opening of the Russian war. Previously to 1850 the
average rate of interest on foreign Government stocks was
barely over sto P.,6 ler cent. In that year Russia
issued a 4i per cent. It an nearly at par, while in 1832
an Austrian 5 per cent. loan was brought out by Messrs.
Rothschilds at 00. Now, however, the case is very
different. The last Nicolai Four per Cent. loan,
brought out under the guarantee of the
Russian Government, was issued at 64, while
an application cn the part of Austria would
probably be fruitless. The causes of this great depreciation
are not difficult to discover, although its influence upon
the money market involves some very intricate considera-
tions. The Crimean war gave a great impetus to borrowing,
and brought forward a new borrower—Turkey. A
second— Sardinia— followed in the course of the
same struggle, and since then foreign loans have been
brought forward with greater or less rapidity, until
the return obtainable on this description of investments
has become as great as it is at present. The rate of
interest afforded on the low.claFsed investments of this
kind, which are not necessarily the most unsafe, amounts
with the payments on account of the sinking fund
to 10, 11, and even 13 per cent., while from 6 to 9 per
cent. is obtainable on all European stocks. This
great depreciation has been caused by the fad that while
the number of applicants for accommodation has been
greatly increased, and the demands have become more
and more frequent, the circle of capitalists willing to invest
in this description of security has not extended itself in
proportion. The supply of stock has, therefore, been
greater than the demand, and prices have accordingly
given way. It may, therefore, be confidently stated
that the natural tendency of the value of foreign bonds
will be in a downwarddirection, so long as theseapplications
to the money market are encouraged. It would almost
appear, however, that we have for the present come to an
end of our resources available for lending, and after present
engagements are fulfilled, we shall hear of few applications
being made to this market. At present there are on
the tapir the Portuguese Loan, which is likely to be intro-
duced by Messrs. Frubling and Goschen next week, and
the Roumanian Railway Loan. It is also asserted that
the New Turkish Loan for £10,000,000 is being nego-
tiated for, but as yet little has transpired concerning it.
It must be borne in mind, in testimating the causes
which have created the great decline in the value of
foreign bonds referred to, that a new danger has arisen
for which no calculation was ever made, and which was
not foreseen. We refer to the taxation of the interest
payable by foreign States to the foreign holders of
their debt. Austria, last year, astonished the financial
world by an income tax upon, and a forced conversion of, her
national debt. Italy has levied a tax upon her national credi-
tor, a similar step has been under discussion in Spain, and
the project of a tax has been more or less rumoured in Por-
tugal. The fact of these taxes being sanctioned by the
foreign Chambers arises from the peculiar modes adopted
of raising revenue, by which, in many instances, particular
industries and particular districts are laid under
contribution, instead of the more justifiable adoption
of a general tax being agreed to. The foreign bond-
holder evidently offers a great opportunity for this kind of
plunder, as causing little outcry at home, and the wonder
is that so easy a mode of obtaining revenue was not
thought of before. In all future loans it will be advisable
to obtain a guaranteed immunity from all such imposi-
tions, and so long as the power exists in the hands of
foreign Governments of levying such a tax, their bonds
will continue in disrepute.

It is said to be " within the range of probability"
that Lord Mayo will invite the Duke of Argyll and a num-
ber of other notabilities from England to be present at the
great Agra durbar to be held in November next in honour of
the Duke of Edinburgh.

On Friday afternoon a s ver: at tac!c was made on
Mr. Samuel Grairger, the collector cf poor rates for ono of
the 13irmingloan districts. He wa; cautioned by some of the
inhabitants in Castle-street that he would have a worm re-
cepti.n if he ventured in that place for rates. Notwith-
standiug the threats made he went, and about two o'clock
n Fr:ilay afternoon he was surrounded by a number of per-
s‘ms, who, as is dusc:.ibcd, began "to chaff end bully him."
In a short timo those present increased to some hundreds,
who commenced an attack on him, by throwing stones at
him. He was chased all along the Wolverhampton turnpike
road, where he fled for safety, stones showered round Lim all
the way, and be at last got into a house adjoining the mil!.
Before he got insido they overtook him and continued the
attack. When inside the mob threatened to break in for him
unless he was loosed out, and thnt they would smash the
windows. A number of police officers had to guard him
.:way about two hours after to protect him. During the
,"storm of stones" two parsons rasivol scalp wounds.