The Washington herald., 1922-07-09
BETTER TONE Seen
TN GREAT BRITAIN'S
!. INDUSTRIAL STATE
Commercial Aspect I'm
proves with Material
Gain in Foreign Trade.

A cable from Commercial Attache
Tower to the Department OF Com
merce. states that great satisfac-
tion is felt in Great Britain over
the settlement of the engineering
lockout. Unmployment is on the
decrease. The gradual and consis-
tent Improvement in the United
Kingdom foreign trade position has
injected a feeling of confidence. and
the Eeneral tone of business is much
better. Increased activity is appar-
ent in the iron and steel. textiles,
and engineering trades towards the
close OF June as compared with
May.
Industrial Situation
The engineering lockout which
lasted more than three months has
been settled satisfactorily and the
men are returning TO work under
the conditions enacted. The dispute
involved the principle of manage
ment by employees or their repre-
sentatives. a point which the Brit
ish owners considered beyond dis
eussion. This was the fundamental
point at issue. In the settlement
the men have obtained certain con-
management be vested in the en-
pIoyer has been maintained The
ballot of the members OF the Anal
gamated Engineering Union on the
modified terms put forward by the
employers were 75.47S for accep-
tance and 39.423 against acceptance,
the majority for acceptance being
36.O55.
Wage reductions for dock labor
ers and the engineering trade are
pending. The latter will probably
involve payment by results which
producers believe will greatly aid
British competitive strength in for
eiEn markets.
UnenTploy ment. Industrial Situation.
Returns for unemployment
throughout the United KinGdom for
the week ending June 19. were
1.434.9OO. This is the lowest figure
for several months. and represents
a decrease of S.IOO from the num-
ber Of unemployed at the close OF
the preceding week. Each succeed
inG month of this year has regis
tered a lower number Of unem-
ploysd.
The coal trade is the only lmpor-
tant line in the United Kingdom
which during June showed less ac-
tivity than during the preceding
month. The output for the weeks
ending June 3, June 10 and June II.
We're ,tons) 4.441.OOO; 2.6s1.S0O: and
1850 200. respectively. On all three
scores Of total production. amounts
exported. and prices obtaining, the
coal trade showed weakness in June
as compared with May. The Whit
suntide holiday occurring during
the week ended June 10. curtailed
considerably the amount produced.
The homes trade is dull and foreign
orders have fallen off.
On June Is the British bank rate
was reduced to 314 per cent. which
is the lowest since the outbreak OF
the war. The effect had already
been discounted in the security
market in advance OF the actual an
nounCement by an adjustment of
values. Industrial interests were
inclined to the opinion that the eX-
pected reduction would be a real
factor in trade revival. Real ef-
fects cannot be judged yet as sta
tistical evidence Of the improve
ment will not be evident for some
time.
Movements Of prices in the Unit
ed Kingdom during June were
mixed. The strengthening of prices
in the major lines OF textiles is
probably about counterbalanced by
the diminished shipping to South
India. and decreased price OF food
stuffs and coal. leaving the general
index about the same as for the
preceding month. The London wool
auctions closed with prices for
higher grades at about the same
level as those prevailing during
JIay. Lower grades were down
from 81 to SO per bale. The wool
position Is generally considered
sound.