47
so that the number under 46,057 since March 1948. holiday.
4
construction fell by 1,058 po 1851533 reduction of Building activity in April was affected by the Easter
IV.-External Trade
16. Exports rose in March to a new record of £160 million, estimated at 162 per cent. of the volume in 1938. In April, however, they dropped sharply to £137 million or 140 per cent. of the volume in 1938. Even when allowance is made for the different number of working days in the month the rate of export appears to have been below that in March; but it is too early yet to say whether this represents a significant check to the rising trend of exports. Exports of metal goods were £10.1 million less, and textiles £5.5 million less than in March. Imports, on the other hand, fell only by £2 million to £188 million and the visible adverse balance of trade (exports and re-exports (f.o.b.) less imports (c.i.f:) ). almost doubled to £45 million in March.
17. There has been no further improvement in the value of our exports to the United States since the beginning of 1948. Exports to Canada and New- foundland rose to a record level of £8.2 million in March, but the average for the first quarter of 1949 was no greater than the average of the last quarter of 1948.
British Exports to the Western Hemisphere
(Monthly averages)
Total to Western Hemisphere
To United States
To Canada
Per cent. of total U.K. exports
and New- foundland
£ million
To Western Hemisphere
To United
To Canada
and New-
States
foundland
1938
6.9
1.7
2.0
17.7
4.4
5.0
:.
1947
14.9
4.0
3.7
15.7
4.2
3.9
1948 1st Quarter
20.5
5.8
5.1
17.4
4.9
4.4
་-
2nd Quarter 20.3
5.1
5.8
15.6
3.9
4.5
3rd Quarter
21.8
5.7
6.2
16.1
4.2
4.6
4th Quarter
25.5
5.6
6.9
17.6
3.9
4.7
1949 January
26.5
5.9
5.8
16.7
3.7
3.6
February
21.8
4.5
5.9
15.5
3.2
4.2
March
25.5
5.4
8.2
16.0
3.4
5.1
V.-Balance of Payments
18. The gold and dollar deficit in March showed a heavy increase (as was expected) over the relatively low figures for January and February, and resulted in a deficit of £82 million in the first quarter of the year. The increase was brought about by the high net expenditure of both the United Kingdom and the Rest of the Sterling Area, particularly in the United States. Colonial receipts showed a small net decrease, comprising a substantial fall in Malaya partially offset by a rise in British West Africa. Payments to third countries were more than twice those made in February (but slightly lower than the January figure) largely because Egypt drew $10 million (half her year's ration). The sterling area deficit with Switzerland increased, causing a higher settlement of $6 million; the April settlement (in respect of March) was $7 million, and the loss of gold is expected to continue at approximately this level for some months. The settle- ments with Belgium in respect of February and March were $5 million and $9 million respectively. The gold and dollar deficit in April was again high, at £37 million.
19. E.C.A. reimbursements during March were higher, and included a large item for machinery deliveries in 1948. Letter of Commitment purchases increased, and the United Kingdom started to use the new E.C.A. cheque system to obtain celtage dinofdies. Cash and non-cash receipts hage ER.Ef 66he United
5
Kingdom and the Irish Republic during the first three months of 1949 were as shown in the agdel Heloof:366