BRITISH PLASTICS INDUSTRY

Press, Volume LXXXV, Issue 25924, 3 October 1949, Page 8

BRITISH PLASTICS INDUSTRY

VIEWS OF PRESIDENT OF BOARD OF TRADE In what was described by Mr Kenneth Chance, a past-president of the Plastic* Institute, as an admirable and sympathetic speech, Mr Harold Wilson, president of the British Board of Trade, recently gave the lie, says "The Times.” to those who prophesy an early demise of the industry. After referring to the rapid growth of the new industry and profession and its significance in the United Kingdom’s current national economy. Mr Wilson quoted statistics which are at once a reply to critics and an assurance of the future. Exports of plastics from Britain in 1948 at 19,300 tons, with a capital value of £4,100,000, showed, he said, an increase of five and a half times on the figure* for 1938. This progress had been maintained so far this year and approaches the target fixed for the end of the year. Among the exports, which show increased volume to Australia. India, and Europe. 12 per cent, goes to hard currency areas, including Argentina. The production value of the industry, which was £2,000,000 in 1935, increased to £24,000,000 in 1947. when the last complete statistical survey was taken. There was certainly no hint in Mr Wilson’s authoritative statement that a plastics “bubble” has, or i* likely to, burst. TYRE INDUSTRY COSTS Future increases in working costs could only be met by higher selling prices of tyres, said the chairman of Dunlop Rubber, Australia. Ltd., Sir Alexander Stewart, at the annual meeting in Melbourne this month. Labour costs had risen by 41 i per cent, since the introduction of the 40-hour week. The average market price of rubber during the last year was 13 per cent, higher than in 1948. This was a result of Russia’s heavy stockpile buying. American tyre cord prices had fallen 5 per cent., but. this was offset by an increase of 34 per cent, in the price of Australian-made cord, following the removal of the cotton subsidy by the Com-