SHIPYARDS BUSY

Evening Star, Issue 19614, 21 July 1927, Page 10

SHIPYARDS BUSY

BRITISH INDUSTRY With 4.819,912 tons of coal exported from Britain in tho month ot Alarch, a figure which exceeds that of the same month Cor several years, and with reports of greatly inerca.-cd activities coming from the shipyards, British industry takes on an appearance of real expansion and profitable operation, writes the London correspondent ot the ‘ Christian Science Monitor,' Hie coal shipments arc encouraging to everyone, because they show that in spite ot tlie heavy losses ol ioreign markets suffered during (he long coal strike, foreign consumers pro lor the British product, and arc hack again for largo quantities ol coal. There is a. large drop in the exports nf manufactured goods tor Alareh so far a.s values are concerned, hut this, curiously enough, is a iavorahlo sign. The drop is due to reduced price levels ot Lancashire cotton goods, duo to the greatly reduced price ot tho raw product 1 i*oi 11 America. lor years high cotton prices have barred British textiles from former large markets in India, China, and elsewhereq but with greatly lowered prices it is believed that those former customers will return and that the mills will soon he working full time. IRON AND STEEL TRADES. Lloyd's Register report on shipbuilding for the quarter ended Alarch has been most welcome. For many reasons shipbuilding may be called the bellwether of all the important industries of Britain, because any pronounced activity in the shipyards means, first, that a groat number of subsidiary industries employing much labor will receive an abundance ol orders, and. secondly, it is evidence that foreign trade activities, with largo exports of coal and manufactured products,'arc expected by the business community. The amount of shipping under construction in the British i.dcs on Alarch ;JI was 1,216,932 tons, or more by 456,848 tons than that being built atthe end of December, and about 474,000 tons more than tho amount under construction twelve months ago. A large increase in the work started the quarter, which totalled 5/9,849 tons, as compared with only 152,404 tons in the preceding quarter. _ Besides this, contracts have been signed for a largo amount of tonnage on which the yards will get. busy the monienb the necessary steel' arrives. What is going on in iron and steel may bo judged innn the lack that triple shifts are now the rule in the mills. Alateria.l, mostly tor the shipyards, is being rushed through, but consumers of steel for oilier purposes still show si tendency to delay accepting deliveries. The output ot steel in Afarch was 949,6110 lons, a remarkable increase, which shows a rather unexpected elasticity in the- industry. The J 914 monthly total was 648.600 tons. Makers still complain ol a shortage of future orders. UNEAT.PLOYA!ENT Di.MINISIIES. Aleamvhilo the’Budget has been revealed, and the country knows the worst- regarding its financial situation. Air Churchill's record Ims been such that the business interests looked forward with manifest concern to the possibility that lie might- announce more throttling taxation, hut. the result is probably a good deal bettor than the most carolnl observers expected. Ihe ‘Economist’ remarks: “No one thinks of - calling it wise, far-seeing, nr statesmanlike. Wo hare hoard no one describe it,as sound.”

Nevertheless, tho country knows (hat no additional taxation directly hearing on tho productive trades will hamper continued expansion during tho current year. There is widespread satisfaction that the sinking fund has been maintained and the nation s credit preserved. During the next, few years there are tremendous amounts of outstanding indebtedness to he refunded by the Treasury, a. great part of which is now hearing 5 per cent, interest. It. is felt that at all cost this rate must be reduced, thus cutting down the largest single item of tho national expenditure, and that the present. Budget at least, does nothing to mar tho hope that this will ho accomplished. Tho whole situation may therefore he described at favorable. The tone of discussion in the trade and economic Press may be described as genuinely optimistic', and is believed to reflect an improvement in conditions of trade and industry as they affect all classes. Unemployment goes down steadily, although not at the fas), rate of a few weeks ago. It is believed that Hie unemployed will soon number loss than 1,009.000, which in Britain means that the great majority of the workers are fully employed.