SHARP RISE IN BRITAIN’S DOLLAR IMPORTS IN 1960

Press, Volume XCIX, Issue 29268, 28 July 1960, Page 18

SHARP RISE IN BRITAIN’S DOLLAR IMPORTS IN 1960

IN2. Press Association— Copyright)

LONDON, July 28. Analysing Britain's overseas trading in the first half of this year, the Board of Trade shows that the lifting of dollar import restrictions has resulted in “wrong way” dollar trade. In the first six months of 1960 British exports to the dollar area at £lBl millions were £3 million up on the first half of 1959, but the dollar import bill at £258.7 millions showed an increase of nearly £97 million over the same period of 1959. In the last few months there has been a check to dollar exports against the general seasonal trend. Lower car exports are only one factor. Basic Materials Exports of engineering products, metals, textiles, clothing goods and fuels have also been affected. The feature of the rise in imports

has been an increase in basic materials imported—a rise of 21 per cent this year compared with the first half of 1959. In the import of finished manufactures, the delivery of 15 Boeing aircraft for 8.0A.C. alone added some £3O million to the bill. The pace of the rise in imports is now slowing down, but the Board of Trade’s half-year survey re-emphasis the need for a greater export effort and also the need for the British Government to provide export incentive. WORLD RAW WOOL PRODUCTION Increase Of 5 p.c. On Last Season World production of raw wool during 1959-60 is now estimated at just over 18,000.000 bales, according to the International Wool Textile Organisation. This represents an increase of 5 per cent, on that of the 1958-59 season, which was itself a record. The output of Merino wool is estimated to have risen by nearly 6 per cent., whole that of crossbred wool has risen by 4 per cent, and that of carpet wools 5 per cent. Australia has again contributed the major portion of the increase. In fact, almost every wood producing country in the world has shown an increase during the season. At the same tome, world wool stocks, both in manufacturers’ hands and in Government stockpiles, have shown a marked drop, due largely to the easing of currency restrictions in South America and the increase in the use of carpet wools in the United States. The improved prices for the staple during 1959 contributed to the decline of stocks to some extent also, and it remains to be seen how the position will turn with weaker wool prices. However, these latter may only be of a temporary nature. Big Bauxite Reserves In Darling Ranges PERTH, July 27. Drilling over only a minor part of the Western Mining Corporation, Ltd., bauxite area in the Darling Ranges area of Western Australia already has indicated reserves of 37,000,000 tons of bauxite, directors said yesterday. The estimated reserves contain 44 per cent. of aluminium oxide and 13,000,000 tons of reserves and could be mined at 47 per cent, aluminium oxide, directors added.