TNAG-0244-FCO40-280-Exports-of-textiles-from-Hong-Kong-to-USA-1970 — Page 106

0003230 G.F. 323

CONFIDENTIAL

· 28 -

policies of the U.S. and U.K. Governments differed. The

U.S. Government went out of its way to help the small

businessman, and he did not accept that the small company

was by definition or implication inefficient.

66.

Mr. Jordan noted that the Production Index

having 1957 1959 as a 100 base, stood at 151.3 for

textiles and at 149.9 for apparel in 1968. The latest

figures showed continuing increase for textiles and

were steady for apparel. He also referred to F.T.C. and

S.E.C. figures for sales, profits before tax and profits

after tax comparing the first half of 69 with the first

half of 68.

All the 1969 figures were higher than the

68 figures. In the light of these, the only published

figures, and the fact that production was up 50% over

10 years, there seemed to be general well being in the

textile industry and surely any company that could not

achieve success in these conditions would not achieve it

whatever was or was not done about imports. Mr. Nehmer

said that convincing proof of inefficiency could only

come when textile imports were under restraint and this

excuse for inefficiency was removed.

67.

Mr. Stewart thought that the figures showed the

best sales/profit experience since the 1950's. Mr. Nehmer

asked why if the experience of the U.S. textile industry

had been so good there was such agitation for restraints

on imports?

/68.

CONFIDENTIAL