RECOVERY BY BRITAIN

Press, Volume XC, Issue 27387, 28 June 1954, Page 9

RECOVERY BY BRITAIN

“Conquered Fear Of Inflation” (N.Z. Press Association—Copyright) (Rec. 7 p.m.) LONDON, June 26. The Chancellor of the Exchequer (Mr R. A. Butler) said in London today that Britain had conquered the fear of inflation. He added: “Our reserves are now standing at the level of over £1,000,000,000, and are on the edge of achieving 3,000,000,000 in gold and dollars. “Our industrial production generally is at the highest level ever recorded in the history of our country. It is no less than 40 per cent, above 1946. “What is significant is that with these efforts you are all making, we haye managed to survive what we were frightened of—the possibility of a recession in the United States. In spite of the danger of a decline in United States production, which at one time was over 10 per cent. —a level which would have terrified us in 1949 —we and our Commonwealth have survived this rough water and have at the same time materially increased our own reserves and economic prosperity.”