TEXTILE INDUSTRY

Te Awamutu Courier, Volume 76, Issue 6480, 20 February 1948, Page 7

TEXTILE INDUSTRY

EFFECT OF DOLLAR CRISIS POLITICIANS BLAMED “It would appear that the so-called dollar crisis is due largely to many of the people of our country not having settled down to work through being given extravagant promises based on wishful thinking,” said Mr P. C. Fish, chairman of directors of J. F. and H. Roberts, Ltd., cotton textile manufacturers, Manchester, in his annual address to shareholders. “Politicians have also mismanaged the economic position on account of their desire for power over commercial undertakings, and now find that they have little to export and no means to pay for imports. Some controls planning and near nationalisation schemes seem to have been put into operation too hurriedly, and production suffered at least a temporary setback, causing inflation and necessitating higher taxation. “The dollar shortage has made it imperative for textiles to be directed from the home market and soft currency countries, to the United States of America and other hard currency markets.

“The United States have the reputation of producing voluminous quantities of textiles, enough for their own internal demands and with a surplus to spare for shipment to other markets which they are anxious to cultivate.

“The prospects of bulk business with the U.S.A, are not improved when one considers that the policy of the British Government is to buy as little as possible from them. “The unfortunate part is that other willing buyers overseas are clamouring for British textiles and will have to take second place, thus delaying the revival of trade which would stand us in good stead for many years after the immediate trouble has been surmounted. Inability to help now will encourage them to develop manufacturing locally and in the meantime get their supplies from the U.S.A, or other available sources of supply.”