The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-12-24
CERTAIN BRITISH
BASIC INDUSTRIES
REGISTER GAINS
Coal and Part of Textiles
Show Increase in
Output.
BANK RATES EASIER
Unemployment Figures Some
what Higher Than in
October.
BANK RATES EASIER

The month OF November may be
characterized as q period of read
justment at the bottom Of depres-
sion IN British trade, says the De-
partment of Commerce. AS con-
sequence, slight improvement may
be noted In certain basic industries,
as rather generally In coal mining
and in certain aspects of the textile
Industries. Production of coal av-
eraged $500. 900 tons per week Is
compared with 100000 tons per
week IN October. Coal exports are
also improving. This production of
coal has been accomplished by a
labor force only rs per cent that OF
1920. II Is evidence that the aver
age production per man has greatly
increased. The heavy increase in
the yardage export of cotton textiles
indicates that tn emarkets in China
and India are being restored.
Cost Of living during November
continued to decline, falling from
10 per cent increase over July,
1914. on November 1. to 103 per cent
on December 1. Total unemploy-
ment has increased but the explana-
ton Is again offered that more
names of unemployed are repre-
scented on the live registers. The
revision of the British export credits
scheme in October has already be-
gun to serve as a check on unem
ployment. particularly in the coal
trade. The fall In the bank rate to
per cent seems to indicate a period
OF easy money in the London
market.
Banking and Finance.
With the reduction OF the bank
rate on November 8. there were
consequent adjustments OF other
rates, which did much toward cor
recting Irregularities of the money
market The effort TO apply the
principles Of the Cunlifre Committee
had resulted IN q too rigid none
tary policy. The present policy
permtts imitation to a certain extent
but It Is to be preferred as II pro-
notes a healthier production and
distribution.
The wool industry reports sus-
tanned activity. especially in yarns
and tops. Wooden and worsted It's
sue exports for November, 100000
sonar. wards, were the highest since
January. The wool trade Is greatly
concerned over the fact that. pros
perity does not extend over the
whole trade. Production Of yarns
and tops is principally for exports
the prices being declared too high
for home consumption.
A prominent thread concern re-
morris for the financial year ending
Jun. 80 the lowest profits for twenty
years, the amount being Just half
the 1920 figures. In spite OF this,
the dividend rate OF last year was
maintained. but only by drawing
upon the dividend reserve
unemployment Increasing
Since the beginning q 1921
changes in rates Of wages reported
70 the Labor Ministry have resulted
IN a net weekly reduction of over
"a 37O 900 for nearly 100000 work
people, and a net weekly increase
Of over E23,00o in the'wases OF
nearly 10000 others. Trade union
unemployment, which in April 1870.
was % per cent-the minimum per
cent since the armIstice-rcached
percentage Of 1876 at the end of Oc-
tober. At the end OF September
trade union unemployment was 14.s
per cent
A reaction in the prices of all
commodities, excepting textiles, was
experienced in November. During
August there was a strong tendency
10 follow the American market.
Prices hardened, with the result
that toward the end of September
they had been restored to the April
level. At the close of November the
average index for all commodities
was 1855 per cent the prices obtain
ing during 1918 being computed as
100 per cent The Economist
quotes the following index figures
for the month: Cereals and meats,
ls3: sugar. tea and other foods, 1Ss;
textiles ia, and minerals, 145.
During November. 1920, the indexes
for these Items were 253,245,25S and
241 respectively.
other Industries Slack.
The steel industry is still severely
depressed, except in South Wales,
as the operation of mills Is only at a
rs per cent figure. Falling prices
Of products cause buyers to pur-
chase only necessary supplies in an
ticipation OF still further recessions
British exports OF iron and steel for
November were $4,000 tons, as
compared with $4,000 in October
and a 1913 average OF $4,000.
The old question of extending u
the railways the privilege of road
haulage by motor vehicle has come
up again, this time in such concrete
form that a definite decision may be
expected. Road-haulage interests
cite the familiar reference to the
control of canal transportation and
claim that the private carrier will
be squeezed out The railroads con-
tend that they merely wish to ex-
tend their facilities for the benefit |
of all parties.
A low level for the year Of shipc |
launched by the Clyde builders wa.
reached in November. when only
seven vessels aggregating 10000 |
tons were launched. Only ono
month in many years has reported |
a smaller figure. For all months |
the total has been 202 ships of |
$4,000 tons each. $4,000 tons below
the output during the correspond
ing period OF last year