SIGNS OF IMPROVEMENT

Chronicle (Levin), 13 October 1949, Page 5

SIGNS OF IMPROVEMENT

(N.Z.P.A.-

—Reuter.

Chancellor Sorveys British Indastriai Scene

Capyright)

Received Thursday, 9,2.0 a.fn. . LONDON, Oct. 12. ; The Chancellor of the Exchequer, Sir Stafford Cripps, said tci'day that. since the devaluation of the pound sterling there had been substantial signs of a change for the better in orders from the dollar area. •Surveying Britain's industrial scene at a, Press conference, Sir Stafford said it was impossible as yet to form anything like a complete picture of the effect of de.vaiuation on expoi't trade. It would be some months belore -the figures of actual shipments, industry by industry, could show how much advantage had been taken of the new situation. He said that Britain's industrial production, excluding building, during the flrst half of 1949 was 36 per cent. above 1938. Compared with 1946, the average production in the last twelve months had shown an increase of just over 25 per cent. Asked whether an impressive increase in production might induce workers to ask for higher wages, Sir Stafford 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.