TNAG-0145-FCO40-181-Exports-of-textiles-to-United-States-of-America-1969 — Page 24

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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