Huge Industrial Projects In U.K.: Steel And Oil Plants

Gisborne Herald, Volume LXXVII, Issue 23315, 26 July 1950, Page 7

Huge Industrial Projects In U.K.: Steel And Oil Plants

(11 a m.) LONDON, July 25. Britain expects to spend £2,200,000.000 this year on capital investment in her industries, on new building plants, ships, oil refineries, power stations and, above all, new machinery tor the engineering industry. The Government’s economic Information unit disclosed this today in a summary of progress made so far and plans for the future. About £450,000.000 or 20 per cent, of the total is being devoted to manufacturing industry, including iron and steel. A £00,000,000 iron and steel project in South Wales with a yearly output of over 300,000 tons of finished sheet and 35.000 tons of tinplate would be a great help in easing the dollar problem, said the survey. It would enable Britain to dispense altogether with imports of motor body sheets from the United States and would also make available much larger supplies ot tinplate for export and help the food canning industry at home. Five large dollar saving oil refineries started during the last two years have made considerable progress, said the report and work on two more is to start later this yeaif. In 1927 only 2,500,000 lons of oil were refined in Britain. The estimate fox--1953 i 3 20,000,000 tons.