CRIPPS FORESEES BETTER EXPORTS TO N. AMERICA

Grey River Argus, 14 October 1949, Page 5

CRIPPS FORESEES BETTER EXPORTS TO N. AMERICA

LONDON, Oct. 13

The Chancellor of the Exchequer, Sir Stafford Cripps, said that since devaluation of the pound sterling there had been substantial signs of a change for the better in orders from the dollar area. It was impossible as yet to form anything like a complete picture of the effect of devaluation on the 'export trade. It would be months before the figures of actual shipments, industry by industry, could show how much advantage had been taken of the new situation.

He said Britain’s industrial production, excluding building, during the first half of 1949 was 36 per cent, above 1938. Compared with the 1946 average, production in the last 12 months had shown an, increase of just over 25 per cent. Asked whether the impressive increase in producton might induce Workers to ask for higher wages, he said he was sure they had more common sense than to ask for increases at this moment. He defended his forecast that devaluation would raise the cost of living by only about one point by the end of the year.