World Production Rises and Trade Declines in 1948

Grey River Argus, 30 August 1948, Page 8

World Production Rises and Trade Declines in 1948

The latest United Nations economic survey says that the world is trading less, although it is producing more. The survey, which does not include Russian production because the Soviet did not submit figures, makes the following points:— (1) World trade, after reaching in 1947 the level of 1938, the base yea”, slumped to 93 per cent, of the 1938 figure during the first quarter of 1948. (2) World steel, coal, copper, rubber, oil and other industrial production during 1947 and the first quarter of 1948 was 35 per cent higher than in 1938. (3) Food production was _ still 7 per cent below 1938 production. The extent of the unbalance of the world’s economy is illustrated by United States’ production. United States factories and mines achieved the following percentages of _ world output in 1947: —Electricity, 45; coal 47: steel 64: copper 38; zinc ’44; motor-cars 84. The same unbalance extended to shipping. The United States, with 14 per cent, of world tonnage in 1939, operated 43 per cent, of the total, in 1947. Britain, which had 30 per cent, of the world’s total in 1939, operated only 24 per cent, in 1947.