432 SECTIONAL TRANSACTIONS.—F. 
functions. Co-operation with Whitley or other Industrial Councils. What is 
the labour force? How can harmony be obtained amongst all sections? The 
ideal system—a grading of the whole human effort, whether of brain or hand, 
required for the work of production, including transport services. 
6. Mrs. B. Woorron.—Self-supporting Industries: an Inquiry into 
the Principle of Regulating Wages and Provision against Unem- 
ployment in Accordance with Industrial Capacity. 
Satisfactory regulation of wages according to what industry will bear is 
impeded by (1) the absence of any consistent definition of an industry, (2) in- 
equalities in the strength of different industries, in respect of value of per head 
output, stability, etc. Since weak industries can only bear comparatively low 
wages, an ethical as well as a commercial element must be introduced into wage 
determinations. The effort to bear high wages may, however, cause unemploy- 
ment. Industries that are self-supporting in respect of wages ought, therefore, 
to assume some responsibility for the unemployment which their wage policy 
may create. The possibility of this was illustrated by (1) drafts of special 
schemes under the Unemployment Insurance Act, (2) proposals of the National 
Transport Workers’ Federation and of the Building Industry. 
7, Sir Josiau Stamp, K.B.E.—The Taxable Capacity of a Country. 
In an examination of the conclusions recently arrived at by Professor 
Oldham that the capacity of Irelaad is one thirty-second part of that of the 
United Kingdom, and that the ‘ over-taxation’ of Ireland amounted to 
183 million pounds in 1919-20, it is shown that the methods approved by the 
Commission in 186 can no longer be relied upon (1) because fundamental ideas 
as to taxpaying ability have considerably developed, (2) because the aggregate 
capacity of individuals resident in Ireland is now intended, and not merely 
the productivity of Ireland, and (3) because, through changes in income tax 
methods and graduation, the technical measure of capacity has itself altered 
in character. The shrinkage in taxable capacity, as set out by Professor 
Oldham, is shown to be largely illusory, and his final results unproven. ‘ Over- 
taxation ’ is shown to be a misnomer, and to result from ignoring the capacity 
of the population below the income tax level, who bear indirect taxes. An 
index of capacity derived entirely from statistics of direct taxation, but applied 
to contributions through indirect taxes, is bound to give inconclusive and 
unsatisfactory results. 
Monday,'{September 12. 
8. Mr. A. H. Gisson.—An International Stable Standard of Value. 
This paper outlined a scheme for the formation of an international bank of 
issue, the notes, jointly guaranteed by the participating States, being primarily 
intended for use as a constituent of bank cash reserves, cover for home currency 
paper issues and settlement for international differences, and the interest charge 
for use of same being regulated and varied from time to time according to the 
course of an index-number based on the prices of certain basic commodities. 
By the issue of such notes, internationally guaranteed, it was contended that by 
the operation of a variable interest charge for use of same, the general course 
of commodity prices may be approximately stabilised at an agreed index-number. 
9. Prof. J. Surety NicHonson.—Deflation. 
10, Report of Sub-Committee on The Currency and the Gold Standard. 
11. Dr. Mary T. Ranxin.—The Element of Compulsory Arbitration in 
Recent Industrial Legislation. 
The legislation dealt with was the Trade Boards Act, 1918, and the Industrial 
Courts Act, 1919. ‘These Acts were passed for the purpose of giving effect to 
certain proposais for the reorganisation of industry contained in the Whitley 
Reports, and must therefore be considered from this point of view. The 
Whitley Reports, while professedly aiming at the self-government of industry, 
advocate the principle that State ‘assistance’ should vary inversely with the 
degree of organisation in each industry (cf. second Whitley Report). The Trade 
Boards Act, 1918, was the method adopted for providing this ‘assistance.’ The 
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