CHEAPER CARS PREDICTED

Press, Volume LXXXIX, Issue 27165, 8 October 1953, Page 14

CHEAPER CARS PREDICTED

WORLD COMPETITION TO BE FIERCER There are already clear signs that motorcar manufacturers throughout the world will face much fiercer competition this year than ever before, says the “Financial Times.’’ In most countries, except perhaps the United Kingdom, war-time void in car production has now been filled by the great expansion of motor industries everywhere, and the nature of the demand has changed from that for a postwar car at almost any price to a discriminating scrutiny of showrooms for the best 1954 car to replace a worn-out 1947 or 1948 model. So far, 1953 has been almost a record year for car manufacturers throughout the world. The United States output is running at an annual rate nearly 6,500,000, although Detroit is having increasing difficulty in disposing of its products. In the United Kingdom the annual rate in the first six months of the year was 563,000. against 448,000 in 1952. It shows little signs of slackening yet, although, as in Germany, second-hand prices have begun their seasonal decline. On the Continent, France still just leads Germany with an annual rate of 376.000 cars in the first half of the year, while Italy lags well behind with 131,000. None of the Continental factories has, however, been able significantly, to exceed their 1952 rate of exports. In Germany, for example, the annual rate in the January to June period was only 128.000 this year, compared with 137,000 last year. If German hopes of raising exports by 25 per cent, this year are to be fulfilled, a very great increase will be necessary for the remainder of the year. From every country in Europe reports come in of new, cheaper and more economical models. If Britain is to retain its hard-wbn hold in overseas markets, the industry must not rest on its laurels of successful 1950 cars. The quality of British manufacturers’ new models in the 1953 Motor Show will be of much greater importance than any they have displayed in the last eight years.

OVERSEAS EXCHANGE RATES

Latest telegraphic transfer rates as advised by the Bank of New South Wales are as follows:— Buyers. Sellers. N.Z. on London— £N.Z. to £100stg. 100/7/6 101 New York— Doi. to £1 N.Z. .. 2.7932 2.7615 Montreal— Doi. to £1 N.Z. 2.7458 2.7103 Australia — £A to £100 £N.Z. 124/10/9 124 Fiji— » £F. to £100 N.Z. 111/11/9 110/4/3 Western Samoa— £S. to £100 N.Z. — 100 South Africa— £N.Z. to £100 S?A. 99/14/0 101/5/6 Belgium— Francs to £1 N.Z. 141.94 137.45 Denmark— Kroner to £1 N.Z. 19.60 18.92 France (Metropolitan)— Francs to £1 N.Z. 988.57 961.05 Holland— Guilder to £1 N.Z. 10.71 10.45 Norway— Kroner to £1 N.Z. 20.21 19.54 Sweden— Kroner to £1 N.Z. 14.54 14.20 Switzerland— Francs to £1 N.Z. 12.19 11.94 Ceylon— N.Z. pence to rup. 17 29-32 18 13-32 Hong Kong— N.Z. pence to dol. 14 45-64 15 21-64 India— N.Z. pence to rup. 17J 18j Pakistan— N.Z. pence to rup. 25J 26 25-64 Singapore— N.Z. pence to dol. 27 23-32 28 39-64 Manila— Pesos to £1 N.Z. .. — 5.53 Western Germany— D.M. to £1 N.Z. .. 11.71 11.46 Noumea— Francs to £1 N.Z. — 169.74' Papeete (Tahiti)— Francs to £1 N.Z. — 169.74