GREAT INDUSTRIAL OUTPUT

Timaru Herald, Volume CXLIV, Issue 20966, 19 February 1938, Page 11

GREAT INDUSTRIAL OUTPUT

ATTAINED LAST YEAR IN BRITAIN OUTLOOK FOR MONEY AND COMMODITIES British Official Wireless (Received February 18, 6.30 pun.) RUGBY, February 17. Britain’s great industrial output was attained in the last quarter of 1937. Taking the as a whole, the Board of Trade Journal states there was an increase of nearly 7 per cent In the volume of Industrial production, compared with 1936. Cost of Living Index The Ministry of Labour cost of living index at February 1 showed a fall to 57 per cent above the level of July, 1914, from 59 per cent at January 1, but a rise from 51 per cent in February, 1936. COMMODITY PRICES HARDEN SALE OF GOLD IN LONDON United Press Association—By Electric Telegraph—Copyright (Received February 18, 6.30 p.m.) LONDON, February 17. The biggest sale of gold since June was recorded to-day, amounting to over £1,000,000. This was due to a likelihood of a further fall in the dollar.

Commodity prices are beginning to harden in anticipation of further action by Mr Roosevelt. Tire Stock Exchange, however, is dull owing to European complications. Cheaper Money Likely The Bank of England return shows a significant change in bankers’ deposits, which have risen over £3.000,000; while Government securities in the banking department have risen by £4,590,000, suggesting that the authorities are seeking to make money even cheaper by purchasing securities from the market. ADVERSE OVERSEAS BALANCE LARGEST FOR MANY YEARS United Press Association—By Electric Telegraph—Copyright LONDON, February 17. Britain’s overseas balance of payments in 1937, according to the Board of Trade’s final estimate, showed a deficit of £52,000,000, the largest since the crisis year, 1931. The visible deficit is largely offset by the expansion of invisible exports, the biggest rise of which is the shipping income, which Is estimated at £130,000,000, or £45,000,000 more than last year. RISING TREND OF PRICES NEW ZEALAND INDICES DECEMBER FIGURES RELEASED Tire price index for food, fuel, light, rent and all other groups in New Zealand rose during December to 949, compared with a base Index of 1000 for the years 1926 to 1930. This figure was 4 points higher than in November of 1937 and 51.1 per cent above the 1914 level. The annual all-groups index for 1937 was 922, according to the Abstract of Statistics, which was 59 points, or 6.8 per cent above that for the previous year, and higher than the figure for any of the years from 1931 to, 1936. The wholesale price index showed an increase of only one point during the month, there being no movement in imported commodities, but a slight rise in locally produced items. The export price index dropped substantially during the month, though for the whole year the index was 19 per cent above that for 1936.