Show AMERICA ABLE TO COMPETE There was a time when h n much stress stress- was as placed on the state statement statement ment that American manufacturers manufacturers could not compete with sith the outside because beca se the scab scalo of wages was higher in this country than elsewhere Now it has been discovered that that thai there is economy in high wages wage wages and ami efficiency which more than o ei overbalances balances the th disadvantages Recently in his Itis fi financial fi letter James J mes B. B Clews of ot i I I I I Henry Clews Clew's and company compan dwelt dwelton on that subject as follows The statement made by for for- former former forsner mer Premier Ramsay MacDonald upon his return to Great a few days ds ago I so after aUer an extended trip in the United States Is Inter esting In this connection Mr MacDonald predicted the coming of ot a n time when h n the organization orga of ot labor In the United States will wil probably result In the production p of ot articles on a II scale or costs which will secure them a 3 world market Mr MacDonald in other words sustains the views Jews of ot local loca American observers who have havo been of f the tho opinion that the economy conom of high wages' wages would Jesuit I in innot Innot innot not only onty large output but greatly lessened unit costs in staple lines in n which we e compete with other countries The statistics N of money wages ages furnished by the federal bureau of or labor statistics show the enormous increase In actual money mone salaries of ot organized labor abor during tho past twelve or fifteen years but they also show showery a very ery much less Increase in re- re tall tail prices and anti living lIvin costs while studies of cost of production in inthis Inthis inthis this country as ns compared with others carried on by the tariff board and the industrial commis cominis- commission slots sion show that in many man cases we weare weare are aro able to undersell foreign producers pro pro- producers producers not only ii in iQ neutral mar marS markets but in their Own wn territory in goods for which we have special advantages ad a a. fact which goes far faro farto farto to o sustain the opinion that pres pres- present present ent industrial conditions' conditions will be beable beable beable able to maintain themselves in inthe inthe the he absence of ot some serious in in- interruption to world trade which Is s not now in sight The effect of ot this situation upon the general run un of ot values alues In the securities market nark is of or course obvious in inasmuch in- in as the maintenance of ot heir their present level of ot values alues Is as 15 s already observed fundamental fundamental- tai tai- Iy y dependent upon the keeping up of f the present volume of business and nd Ind consequent earnings |