TNAG-0244-FCO40-280-Exports-of-textiles-from-Hong-Kong-to-USA-1970 — Page 102

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industry. Of these, 7,000 plants were in the textile sector

and 28,000 in apparel. Some 50% of those in the textile

sector and 80% in the apparel sector were privately owned.

The majority of companies owned only one plant.

It had

been possible to carry out an unpublished survey of these

privately owned companies. This had showed that profits

earned by privately owned companies were less than profits

earned by public companies. The June, July and August

figures indicated a downward trend. July figures for

textile mill production were down on June and May;

July

figures for apparel were down on May and on June 1968.

In m.m.f. fabrics, July showed the lowest figures since

February; cotton textile production was the lowest

since fiscal year 1959; wool textile production in July

was the lowest since September 1967; textile shipments

in July were 5% down on the preceding year and textile

inventories at the end of July were 3% up on the

preceding year; the ratio of inventories to shipments

was at a record high. From this information and that

given before lunch on employment, there was a clear

reading of a downturn.

59.

Mr. Nehmer further illustrated this point by

reference to three company reports on the impact of

imports. Company I, making woven work clothes of cotton

and cotton/polyester blends reported it was suffering

competition from Hong Kong and Taiwan.

The Far last

/prices

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