Welsh Journals

THE ECONOMIC & INDUSTRIAL OUTLOOK. By W. Tudor Davies. r F* HE close of the year 1925 has been accom- panied by increased optimism with regard y to our industrial recovery and the croakers are having a very bad time, particularly in South Wales, where the general condition has so far improved that additional collieries have re-started. Many pits remain idle, but it is hoped that early in the New Year there will be a resumption of work at several additional col- lieries, especially in Monmouthshire. This is very encouraging when one looks at the ship- ments of coal from South Wales ports for the first ten months in the years 1913, 1924 and 1925. For 1913 the exports of coal and coke were 32,711,312 tons as against 26,193,212 tons in 1924 and 21,757,206 tons in 1925. The case of patent fuel is slightly better-in 1913 (first ten months) 1,009,980 tons as against 815,713 tons in 1924 and 344,603 tons in 1925. The anthra- cite branch of the coal industry is enjoying a cer- tain amount of properity and produces a higher percentage of coal exports than it did in 1913. This is in some degree due to the increased demand, particularly from the United States, where a strike is still in operation in the anthra- cite coal area. The American miners have declined to arbitrate and insist upon naming for themselves the terms upon which they will work. An American comment on the situation uses strong words-" Organised society is not far from the conclusion that those who voluntarily assume the responsibility of supplying the community with indispensable services, whether rendered by capital or labour, have no moral or legal right to conspire to suspend that service. The corollary of this is that such parties must be assured just compensation but they need not expect to name it themselves." This thought needs application in our own industrial situation. One wonders how far we are from compulsory arbitration. It must be stated that conditions of the markets for South Wales coal has changed since pre-war days, for certain markets have been lost-per- haps never to be regained. The British Navy in pre-war days required 1,750,000 tons of Admiralty coal per annum whereas present requirements do not exceed 350,000 tons a year. Then again the substitution of oil for coal in many of our big liners has lessened the demand. Even inland economies have been effected in the use of coal, for example by the extending use of electric power. In my opinion, one of the most enlightening pieces of evidence submitted to the Royal Commission has been that concerning the essential need of cheap coal for the prosperity of this country. It was shown that dear coal means loss of export business and without conl cargoes, outward ships have to earn higher freights on the homeward cargoes of commo- dities of raw materials and foodstuffs. So fundamental is the coal industry in the economic life of this country that dear coal means higher costs of all the essential commodities of our material existence. The iron and steel trade is also in the doldrums and there is little wonder when German and Belgian steel is coming into South Wales at the rate of over 750,000 tons a year because the foreign steel is from twenty to thirty shillings less than the South Wales product. Sir Charles Y\ jright, in his speech at the meeting of Baldwins Limited, went to the root of the matter when he said that in the end economies and not politics must govern industry. Of course, many of our big iron and steel companies will have to con- sider the question of capital values and earning capacity and follow the example of Messrs Vickers in the matter of re-organisation. The Times Trade Weekly has published an excellent supplement dealing with Industrial Wales. Its perusal would enlighten the aver- age Welshman concerning the far-flung activities of the Principality. The basic industries of coal, iron and steel are well-known, while in the North slate and granite roadstone quarries are capable of wide development. But few realise the possi- bilities of the production of ornamental stone in Carnarvonshire, of which Sir Martin Conway says "The large masses of jasper which we saw are remarkably handsome, unsurpassed by any other jasper known to us." The peninsula of Lleyn. can supply us with more and more man- ganese, Penrhyndeudraeth with explosives, and Ruabon with clay products. The Welsh textile industry has never received the prominence it deserves. Like the whole British textile industry it has recently passed through troublous times but its reputation for cross-bred cloths of reli- ability and durability has not suffered. The Welsh textile manufacturer is alive to new developments and is affecting the changes neces- sary for the demand for finer counts instead of coarse yarns. Holywell is already competing successfully with Bradford and Roubaix. Mid- Wales has always been famous for the flannel industry, but one wonders why there has not been greater celerity in meeting a changed demand. Newtown and Llanidloes would make very good centres for the rapidly-developing rayon industry. My attention has been drawn to a new South Wales publication dealing with economic and industrial matters-it is the periodical of the Economic Study Club in South Wales and Mon- mouthshire. They are fortunate in the services of an eminent cartoonist in Illingworth, replicas of whose work I have encountered in American papers. Its most recent issues contain intrigu-