Evening star. [volume] (Washington, D.C.) 1854-1972, 1949-10-16
BrOUn
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per cent devaluation which was
decreed.
Neither party-but for different
reasons-told the British people
that Sir Stafford Grips was per-
suaded to accept devaluation only
after the American Government
agreed secretly to support the Brit
ish currency at the present level
Of $3.50. The story in reputable
London financial quarters is that
the American Treasury undertook
to buy pounds through the Inter-
national Monetary Fund if the ex-
change rate ever goes below the
new fixed level. .,
The few practical economists
who hold subordinate positions
in the government are fully aware
that devaluation cannot be even
shot In the arm unless there is q
substantial increase IN Britain's
overall production capacity. The
average Englishman does not care
a great deal what his pound is
worth in the outside world so long
as it retains the same purchasing
power at home.
In order not to upset the apple
cart in the forthcoming election
the government, which controls
everything in Britain, will take
good care to see that the present
low standard of living goes no
lower.
But so long as heavy taxation
remains the treasury's main source
Of income, there is little chance of
increasing production. The fear
Of many American industrialists,
that with a cheaper pound the
British soon will compete with
our own industries is, at present,
unfounded.
There is such little residence
left in these people that nothing
but drastic awakening will rid
them of their present complacent
and lackadaisical frame OF mind.
The British seem to have become
fatalistic and their old pride III
British goods" is mostly a slogan
used by advertisers.
When I. asked some British
workers what they thought about
their government the principal
complaint seemed to be that the
government was inept in organiz-
ing holidays.
Press Backs Government
"One or two weeks vacation a
year with pay is all right" one Of
them said, "but it does not allow
us to take real rest. What we
would like to see is one week off
every three months. That would
make four weeks vacation a year.
We want to ask our representa-
tives to introduce bill in Parlia-
ment to grant us four weeks a
year. In order not to cause undue
loss to industry we would agree
to work one hour more day with
pay, but not at time and a half
until the additional IA days of
vacation are squared off,
Further than that it was i'm
possible to get any constructive
suggestion as to what could be
done to get Britain out of its
present predicament.
British discipline in standing
behind the administration is still
as strong as it was during the war.
The editor of one Of the leading
opposition papers told me with
pride that while his papers attack
the government on domestic mat
ters he would not wish to en-
barrass it by criticizing it's foreign
policies.
The same thing applies to many
labor unions, which occasionally
disagree with the government. For
instance, the railwaymen Of Brit
ain decided to go on strike October
unless they got wage increase
OF $1.40 week for 10000 rail
employees. Word came from the
government that such a strike at
this time might create difficulties
for the cabinet and give the op-
position political advantage. The
strike was called off. The rank
and file of the rail union men
merely announced that they would
advance shortly new demand
that the minimum wage be in
creased to $14 for a 40-hour week.
And so many people outside this
country still wonder why the
British worker lacks incentive to
step up his production.