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The Joint Industrial Conference.I

Our London Letter.I

Mr. Hodges Explains.

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Mr. Hodges Explains. Mr. Frank Hodges, secietary of the Miners' Federation of Great Britain, told the delegates at the conference 6n Thurs- day that the only way in which reduced prices can be effected temporarily is to di- vert excess profits to the actual reduction of prices Asked on Friday for an explanation, Mr. 1 Hodges replied f mean that, as a tem- porary measure, the Government should in- troduce legislative measures to restrict the rate of profit in all industries to a uniform level. This should be done so as either to reduce the prices of essential commodities i by direct subsidies—as is done in the case of bread—out of the surplus thus obtained; or fix prices at such a level as would only yield the agreed rate of profit upon capital invested in such industries." Mr. Hodges condemned the proposal to excess profits for this specific purpose, and remove the ^50,000,000 annual subsidy on breadA on the ground that it is taken from it is not fair to hand this money to the Ex- chequer for general national expenditure, and make the consumer pay an increased price for bread.

Referendum on Nationalisation

I Football at Merthyr.

I Reduction of Armaments.