The speeches of Messrs. Wilson, Gunter and Callaghan over the weekend have received widespread publicity and comment so we do not have to report upon them factually. However, it is necessary to say something on their significance for the labour and trade union movement. It is, of course, always necessary to bear in mind that such speeches are made for the consimption of foreign bankers as much as anything else. They cannot be taken as rolicy decisions in and of themselves but they are important indications of Cubinet thinking, The fact that throughout these speeches the sharp edge was turned towards the "excessively high wage increases" and not towards the rocketing profits of banking interests shows that Mr. Wilson's team approaches these problems from precisely the same standpoint as the Tories. The first/to 16 oe is that there is a lot/fonsense being spoken about wages and prices, The Economist (hardly a journal which would distort figures in the interests of the trade unions) gave the following figures in its December 25th issue, page 1,436:
Percentage change from
’ Month Index ° Previous Three Twelve
1958=100 Month Months months
Ago Agos Production October 13l 4 Nil 415 Productivity October 126 5 Nil +2 Wage rates (weekly) November 130.9 1005 +1,0 +49 Retail prices November 122.5 +0.4 40.6 +444 What cones out of these figures is (1) far from the 8% freely bandied about, wage rates have only increased just under 5% (the difference between this figure and,that of the Chancellor is that earnings have gone up more - this being due /more overtime, piece-work earnings, etc.); (2) that anyway the increase in wage rates is only just the skin of one's nose ahead of the increase in the cost of living; and (3) - productivity has increased far more than the increase in the purchasing power of wage rates 2% as against 05% -(4.9% = 404%) 0 Thus we see that the attack on the trade unions is dishonest as wellas being anti. -working class, The unions must fight this attack tooth and nail, they must throw back these figures in the face of the Government and not be intimidated by the press propaganda. Any other course will lead to disaster,