Little is said about the economy – not that that was a term in common use at the time. Unemployment – known as idleness – seems non-existent but there is some inflation – referred to as an “advance in prices” or “an increase in living costs”. Seeing as the pound was tied to gold at a rate of about £4 per troy ounce this seems surprising although the enormous gold finds in South Africa may have had something to do with it. Inflation may have been the cause of the many strikes at the time and it may have been the effect. The tax take is about 10%. Today it is over 40%. Northerners are better off than Southerners.
In 1912 the Titanic, the largest moving object in the world, set sail on its maiden voyage. Most people are aware that it sank, which is notable enough. But the really amazing part is that it got out of port at all. There had been a month-long national coal strike immediately beforehand and supplies were extremely low. Strikes are extremely common. In addition to the national coal strike, recent years have seen a national rail strike, a London dock strike and a Hull dock strike. London is currently undergoing a painters and decorators’ strike and Dublin a tramworkers’ strike.
In a previous coal strike, in 1910 in South Wales, troops had been used to put down a riot. At about the same time troops were also used to put down a riot in Liverpool.
The state is starting to nationalise things. In 1911 it nationalised the National Telephone Company. I should explain that this isn’t quite as dramatic as it sounds. The state already owned the trunk lines. The National Telephone Company owned everything else and operated them under licence. In 1911 the licence simply wasn’t renewed. In London, the County Council, late in the day, built an electric tram network. It was completed just in time for motor buses to take their market away from them.
It is difficult to detect any class, race or sex prejudice in the pages of the Times.
In 1913, the world is undergoing a transportational revolution. The horse is being swept from the streets of London to be replaced by electric trams, motor buses, motor lorries and motor cars. Below the streets, the deep-level, electrified tube lines are being built while steam trains are being replaced by electric ones on the older cut and cover lines. We are seeing the beginnings of surburban electrification.
Buses, in particular, are allowing people to travel much further to work and to shop. The only downside is that a lot of people are getting killed on the road.
Talking of buses, this is still a time when entrepreneurs are able to think big. Flushed from their success in London, the London General Ominbus Company, which incidentally bought up most of the Underground in 1911, is selling shares in a planned national bus company.