The Lesson of Black Friday a Note On Trade Union Structure

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The theory, in brief, was this : "So long as the present system for good or ill exists, so long will industrial disputes recur with ever-increasing violence, and so long will the settlement by compromise of this or that dispute leave unchanged the one grievance which to the workers is fundamental. The workers, THE LESSON OF BLACK FRIDAY 29 that is to say, will remain at or about the bare level of subsistence, and everything that is produced over and above the amount of wealth necessary to provi...de them with that subsistence will be drawn off into the pockets of private capitalists in the form of rent and interest. " Measured by the figures of impartial statisticians and the official returns of Government Departments as to wages and the cost of living, the bare fact is that the standard of the manual working class, while considerably higher a quarter of a century ago than it was a quarter of a century before that, and con- siderably lower now than it was a quarter of a century ago, still, over the whole half-century under review, and indeed for a considerably longer period, has remained for practical purposes round about the one level, and that the level of bare subsistence.

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