Word: wages
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Dates: during 1930-1939
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...days later to a group of world bankers attending the International Chamber of Commerce went Andrew Mellon. For the first time in nearly two years he gave his views on economic conditions. And he, too, opposed wage cutting. Said he: "Prices must be revised and costs of production and output must be brought down . . . and this must be done without a general reduction in wages, provided the period of readjustment is not too long drawn out, and on condition also that we reduce costs by greater efficiency in labor, in management, and in distribution...
...sure of their attitude have been other U. S. industrialists. Wage-cuts are increasing in momentum; men who previously said wages should be maintained now admit a reduction must eventually be made as a concession to Depression's demands. Most potent recent pronouncements...
These acts the British Parliament passed in the decade after the War. They compel the toiling proletarian to buy insurance. If male and between the ages of 21 and 65, he pays for it at the rate of seven pence per week, this being deducted from his wage. His employer is forced to pay in eight pence and the state adds seven and ha'pence more, making a total of 22½ pence per week, or 45?...
...draw their dole the rest of the week. Meanwhile the other half have drawn their dole for three days, work Thursday through Saturday. So well does this half-loaf, half-work system please the proletarian that when he does work he is willing to accept a slightly lower daily wage than if forced to work regularly, and this pleases the manufacturer. There are also cases of deliberate collusion: a man works on the sly and wages are "slipped" to him, but he draws the dole as "unemployed." An adept has even been found who under seven aliases drew seven dole...
Meanwhile in Augusta, Ga., last week met the executive council of the American Bankers Association. Chief speaker was Rome Charles Stephenson, the association's president, who undertook to defend bankers from the widespread charge that they were the prime agitators for wage cuts (TIME, April 13). He protested that the wages of Capital have been reduced by sliced dividends, lower interest rates. "No banker reduced these wages of money as a matter of personal desire. . . . Anyone knows that wage levels are controlled by impersonal economic principles. . . . I'm not saying wage reductions should be made but it would...