2
tax was 134 per cent, from $280 m. to $702 m. There was a
sharp drop in profits during the 1967 recession, but the 1968
figure, while not as high as in 1965 and 1966, when turnover
rose very rapidly indeed, was nevertheless higher, when
measured as a percentage of sales, than at any time since the
Korean War. The situation in the apparel industry was even
more encouraging. Profits before tax increased by 158 per cent
between 1961 and 1968, from %331 to $856 m. The increase
after tax was 223 per cent, from $157 m. to $507 m. The
rising trend faltered in 1967, but in the following year the
return on sales was higher than at any time since 1950.
5.
Employment also increased steadily between 1961 and 1968,
by 92,000 to 985,000 in the case of textile mill products and
by 202,000 to 1,417,000 in the case of apparel.
6. These global figures hide the fact that some parts of
the industry were expanding very rapidly while others were
declining.
7.
Production of broad woven cotton and man-made fibre cloth
which has iluctuated between 11.4 and 12.8 bn. linear yards
in the 1950's, rose from 11.6 bn.lin.yds. in 1961 to a peak
of 13.2 bn.lin.yds. in 1965. Production fell to 12.5 bn.lin.
yds. in 1967, recovered to an estimated 12.9 bn.lin.yds. in
1968, and is likely to reach a new peak in 1969. The real
increase in production is higher than these figures suggest
because the average width of cloth produced has increased
over the years, by 15 per cent to 50.4 percent in the case
of man-made fibre fabrics between 1947 and 1968. There has
Zalso been
inches