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19
Economic Conditions.
A good example of British ecomonic recovery is furnished by
the traffic index of cable and wireless communications passing to
and from Great Britain. monthly receipts from traffic, with 100 as the index for the year
The most 1929, before the great economic slump set in. recently published is for Harch, 1939, and at 74.6 it shows an
Revised charges, tanta- increase of 4.1 over the previous month. mount to an all-round reduction in rates, were introduced in April, 1938, and, with the exception of December, 1938, the index-figure for March, 1939, is the highest index number reached since the
revision was effected,
The index numbers represent the estimated
The operations of British building societies afford another illustration of the healthy economic condition of the country. total assets of one of the principal societies have increased by
On the 1st of more than 874 millions in the past ten years. January, 1929, the society's assets stood at 254 millions,
The
but by
the 31st of January, 1959, they had risen to over 3128 millions. During this ten-year period the society has advanced $197 millions on mortgage, this sum representing the aggregate of nearly 339,000
loan operations.
The society's transactions show no sign of falling off, During its last financial year it lent over 320 millions, or nearly
The British building trade double the amount lent by it in 1929.
is actively employed, and the total value of buildings for which plans were approved by local authorities in March this year was 291 millions, a figure which is eight per cent higher than that for
the corresponding month of last year.