CAB129-45 — Page 310

Page 310

The figures represent the average earnings, including bonus, overtime, &c., and before deduction of income tax, or insurance contributions, in one week in the months indicated. Adminis- trative and clerical workers and other salaried persons have been excluded.

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40. Ramil Fules stocks. These continue to reflect a high devel pfofonę 7. sumer demand. Retail sales fell seasonally in January but rose again in February. Total sales of large-scale retailers were 11 per cent. higher by value in January and 16 per cent. higher in February than in the corresponding months of 1950; while retail apparel stocks are now slightly lower than they were a year ago. The largest increase was in sales of household goods. There was also a considérable increase compared with a year ago in many items of the trade

trade of independent retailers in the first two months of the year. DURAND

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41. Stocks of large-scale retailers at the end of February were only a little larger than a year ago: stocks of non-food goods in January and February were 5 per cent, and 4 per cent. higher by value, respectively, than in the same months of 1950; while retail apparel stocks are now slightly lower than they were a year ago. Dorf/42. Money and credit.—Bank loans increased in February to a level about 8 per cent. higher than in February 1950. Advances to customers by the London Clearing Banks stood at £1,754 million at 21st March, an increase of £51 million over the previous month and £160 million over March 1950. The total money at call, bills discounted, Treasury Deposit Receipts and investments (roughly repre- senting direct and indirect bank accommodation to the Government) at £3,636 million in March compared with £3,587 million in March 1950.

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43. Bank deposits fell seasonally during the first quarter of the year from £6,368 million in December to £6,037 million in March or 4 per cent. higher than the previous March.

44. After a slight check in December the Actuaries Index of ordinary shares prices (1938=100) rose to 145·1 in January and 150 2 in February, but fell to 143.7 in March. Gilt-edged prices have continued a fall which began in October. The price of 21 per cent. Consols averaged 68 1 in March, the lowest level for a long time. The rate of interest has therefore continued to rise, the yield on Consols having increased from 3.52 in December to 3·67 in March.

V. External Financial Situation

External Trade

*

45. United Kingdom imports were valued at the record figure of

£303·4 million in March, making a total for the first quarter of the year of £849.1 million. This was 22 per cent. above the fourth quarter of 1950 and 40 per cent. above the first quarter of 1950.

46. Exports in March were valued provisionally at £190 5 million. The total for the first quarter was £580.3 million; this was 4 per cent. below the fourth quarter but 12 per cent. above the first quarter of 1950.

47. Re-exports in March were valued at £171 million and for the first quarter at £33.5 million. The excess of imports (valued c.i.f.) over exports and re-exports (valued f.o.b.) in the first quarter of 1951 was therefore £235 3 million against a quarterly average of £87 0 million in 1950.

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48. The value of United Kingdom exports to the United States and to Canada has fallen from the peak levels of November last year...

Exports to the United States and Canada

(Monthly averages)

1

$ U.S. mn.

United

Total North

States

Canada

America

1950 1st quarter

18:8

23.9

42-8

2nd quarter

20.4

28:6

48.9

3rd quarter

30.5

30.6

61:0

October

36.8

33.7

70.5

November

38.5

40.6

79-1

December

32.1

29.0

61.0

1951 January

30.7.

26.6

57.3.

February

28.5

21.8

50.3.

Pag Match provision

34.5

31.4