The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1929-05-04

Exports were 978 millions below the
level of 1924. The production of coal
was 81 million tons below the level
of 1924, of pig iron 100000 tons be-
low, of steel some 100000 tons above,
of ship-building about the same.
The registered figure of unemploy-
ment showed a similar total of
about one and a third millions in
both years. The general character
of volume of production falling
some 10 to 20 per cent below pre-
war, despite increased productive
power, remains constant. 1929 shows
no sign yet of advance, but even
some worsening, although in the last
few weeks the figure of unemploy-
ment has slightly decreased.
Nevertheless, there are signs of
new forces at work which, though
not capable of solving the crisis, are
likely to effect important changes in
the situation. The drive to ration
alization in Britain, though late, has
at last definitely begun. These new
issues are receiving their reflection
in the election.
What are the compelling causes
which are driving the British bour-
geoisie to a more active industrial
policy, so that this issue is becom-
ing the central issue of the election,
and may become the basis of a
change of government.
First, the relative position of
British capitalism in contrast to the
other countries, not only of the new
world, but also of Europe, has be-
come desperate and urgent. British
capitalism alone has not yet shared
in the general advance of the "third
period" In the beginning of this
year the Financial Times" (22-1-29)
published a table of the comparative
index figures of production for the
| leading countries on the base of
1918 as 100. This table showed that
by 1927 every leading country ex-
cept Britain had surpassed the pre-
war level of production. For the
first eight months of 1928, the Uni
ted States stood at 1860 of pre-
war; France at 1850; Germany at
| 1880; Western Europe in general
at 111ao; Britain 900. The urgency
of the situation represented by these
Figures is obvious.
Modernization Necessary.
Second, the advance to war and
the intensification of international
competition and antagonism, char
acterizing the whole new period of
capitalism, makes more imperative
than ever for the British bourgeoisie
to modernize their equipment and
organization at home. Hitherto, they
have concentrated essentially,
through the path Of the restoration
of the gold standard, on their inter-
national financial interests, and sue
ceeded, on the basis of their in
creasing direct and indirect over
seas income, in maintaining rising
total of profits in the midst of in
dustrial depression at home. But
the gold standard is itself now in
danger, as recent events have shown;
and the maintenance, both financial
i y and strategically, of the whole
imperialist fabric requires, not only
the elementary method of the direct
attack on the workers standards al
ready carried to an exteme point,
but more serious effort at reor-
ganization.
Third, the internal social situation
has undergone an important devel-
opment in the past five years. The
victory over the General Strike, the
temporary crushing of the workers
resistance and triumphs of Mondism,
and regimenting of the trade unions
and Labor Party, have created the
possibility and conditions for fur.
Their capitalist naturalization as the
next step. A rapidly increasing pro-