Hosiery Boss Suggests "wages Here and Abroad to Come Into Line"

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Brig. C.B.S. Morley, Chairman of Derby and Midlands Mills Ltd., in a statement to shareholders on Nov. 28th intimated that entry into the EEC would mean adjustments to British cmployecs wages in the hosiery trade. The only conclusion to be drawn trom his remarks is that this would be a levelling-down process as far as Britain is concerned. " we... immediate prospects in hosicry arc likely to be disappointing, nevertheless every avenue is being cnergetically explored that might lead to cheaper production costs ... I fecl compelled to comment that the extraordinarily high wage rates in this country and the restrictions on shift working in the stocking industry inevitably make an impact on prices. I believe that und r Common Market conditions of trading, and with the goodwill of the opcratives(!) wages here and abroad may tend to come more into line with cach other",

Notwithstanding the above innucndo threatcning wage cuts, the company's rial position is revealed by its taxed profits for last year which amounted to £108,670 from which a dividend of 12% was payed to shareholders. This would indicSte that the capitalist god of competition is bcing used in connexion with the EEC as a smokescreen to persuade workcrs to accept less pay or defer claims for increases whilst profits arc allowed to rise.