HUGE INCREASE

Wairarapa Times-Age, 2 May 1942, Page 3

HUGE INCREASE

WAR PRODUCTION IN U.S.A. RUT STILL GREATER EFFORT NEEDED. . LOAN ADMINISTRATOR’S SURVEY. (By Telegraph—Press Association —Copyright) WASHINGTON, April 30. , The Federal Loan Administrator, Mr Jesse Jones, addressing the United States Chamber of Commerce convention in Chicago, said that American industry had already upset Hitler’s timetable. Nevertheless, he issued a warning that “though this is the greatest production effort the world has ever seen, it still is not getting sufficient equipment to the United Nations’ fronts.” Mr Jones said that America was at present producing 1,000,000,000 pounds of aluminium yea'rly, compared with 540,000,000 last year, and will reach 2,100,000,000 pounds late in 1942. Six hundred million pounds of magnesium were being produced, compared with 33,000,000. Wool imports from New Zealand, Australia and South Africa already equal the year’s domestic production. The production of high octane gasoline will soon be 240,000 barrels daily, compared with 80,000. The United States is buying 100,000,000 dollars worth of strategic materials from Russia. The Treasury and House Ways and Means Committee of experts agreed that all corporation excess profits should be taxed at a flat rate of 90 per cent.