JAPAN: Exchange Closed

At the Osaka and Kobe cotton mills of the great Kanegafuchi Company, directors told workers' delegates last week that they must accept a 20% wage cut because of the falling price of cotton goods. "Why is it then," asked a blunt workers' delegate, "that you continue to pay 35% dividends? Why have you just voted your chairman, Mr. Sanji Muto, a bonus of 3,600,000 yen [$1,800,000]?"

While directors were trying to think of an answer 5,000 workmen walked out— the first strike in the company's history. At 12...