WAGES REGULATION IN RELATION TO THE CHANCELLOR'S STATEMENT ON THE COST OF LIVING. 1. Increased cost of living is the chief basis of claims for increases in rates of wages and it may be expected that the effect of the Chancellor's policy will be to assist to stabilise general wages rates. The general level of wages rates in the various industries proves that the unions have shown a proper sense of responsibility in operating the existing joint negotiating machinery. Such causes for criticism as have existed have been confined to individual establishments, the conditions in which have been settled independently of either employers' organisations or trade unions.