QUEER SORT OF SLUMP

Chronicle (Levin), 6 August 1949, Page 5

QUEER SORT OF SLUMP

(N.Z.P.A.-

-Reuier.

iany Signs Of R^coyery In Varied Industries

, Qopvrignt)

Received IMd'ay, 8.50 p.m. LONDON, August 5. The Np\y York Gprrespondeiit of tlie London Finaucial Time^, reviewing business conditions in .the United States, says that if Americ^. is g'pipg into a depression it is doing it iq a . piost cuiigus vvfaj. A eonsiderahle nupiher pf Eavburable developments in sugIi widely varied fields as steel production, eotton textiles manufacture and air passopgor transport have recentiy oecurred and have been refleGted in the steady strength of the stock market dur.ing the past few weeks. The myrlvet hqs npw repovered all the losses incurred sinee February and is now approximately as high as it was lagk Nqvemher whep the Federal Reserye Pank's iiidex o,f •industrial production vvas stgndr ing at an all-time high. Steel pro. ductioh in spite of the fears of a . Strike is nqw higher thari it WftS a month ago and has been eonsiderably stimulated by the persistent and strong dempnd^for auto-' mobiles The reeovery in textile produpT tion began with woollens • and rayons and has now extended tq cottons. The consnmption, particularly for wonaen 's print goods, is Gontinuing at a higher leve] than was anticipa-ted. There are also indications that a reeovery is taking place in the saies of fue] oil. . • These encouraging trends have empli,asised the optimistie • statements made by Mr. Bernard Baimch. when he returned to the United States after his recent visit to Europe, and said bluntly that he did not believe that there would he anjoslump in America.

difficulty in securing teclinical stalf. The mines would produce powerhouse, gas, steam and dqmestic coal. It is learned offidially that Yictoria will import 250,000 tons of Indian coal apd a quantity of Yorkshire cpal for gas-making. The St. Haust- is reeeiving 10,000 tons of Yorkshire coal for the transport of zinc to Port Pirie. The Commonwealth Government learns that ofher overseas soprces are few. Forlqosa coal is upsuitable and South Africa is unable to guarautee delivery.