Business: British Steel

The British iron and steel industry is at present very much a child of misfortune. Everyone's hand is against it except Premier Baldwin's—himself an important steel master—yet the Premier seems powerless to avert depression from his own trade.

To begin with, British steelmakers face a strongly unionized body of workmen whose wages are already much higher than those of competing German and French workmen; the British steel workers are now agitating a new pension scheme for themselves, the expense of which must result in higher prices for the output of British mills.

Secondly, German...