PULSE OF INDUSTRY

Hawke's Bay Tribune, Volume XXIV, Issue 95, 5 April 1934, Page 5

PULSE OF INDUSTRY

UNEXPECTED STRENGTH Increasing Signs in England CAUSE FOR CHEERFULNESS (British Official Wireless.) (Received 5,11.30 a.m.) RUGBY, April 4. The people of Britain have been given good cause for cheerfulness during the last few days. Following the announcement of the Budget surplus has come news of a further substantial decrease in unemployment. The figures are the best since 1930. The improvement, moreover, is shown to be general. It extends to practically all industries and all parts of the country.

Although during the current month about 156,000 more young people than at the same time last year will he leaving school and looking for work, there is every prospect that the next monthly batch of figures will show a further satisfactory development in the situation. “The Times” describes the Labour Ministry’s return as a “reading of the pulse of industry, which is showing the unexpected strength of recovery.”

The Budget surplus and the employment figures together are taken as irrefutable confirmation of the less definite, although significant, signs of recovery which have been forthcoming from various sources during past months.

The terms of tho new funding loan also serve to underline the strength of the national position. The official title is: “Three per cent, funding loan 1959-69.” At its issue price the stock gives a flat yield of £3 1/3, not 3 1-3 per cent, as stated yesterday. A. cumulative sinking fund of one per cent, will increase its activeness, for few loans carry a specific sinking fund. The “Daily Telegraph,” commenting on the loan under the heading “Britain’s Rising Credit,” says:—

“By progressive reduction of the price at which the Government can borrow the taxpayer is steadily reaping the reward for the unexampled sacrifices of recent years.”