Although general business in the frst half of 1937 was the best in seven years, it will be seen that activity in these industries is far above the levels then reached. The latest figures, for March, show that employment in aircraft manufacturing was. nearly two and one-half times the 1937 average, while in ship-building and machine tools it was around 35 per cent. larger.
The expansion of airplane. manufacturing, whether measured in number of planes or value of product, has probably been greater than most people realize. At a hearing before the Senate Naval Affairs Committee on April 19, Rear Admiral John H. Towers, Chief of the Bureau of Aeronautics of the Navy, testified that the capacity of American plants is now 17,000 planes annually, and hat by the end of this year we shall probably be producing at the rate of 25,009 planes annually. This compared with a pre-war plane production/of around 4,000.
is increase in output is being accomplished to some extent through plant expansion, but to a greater extent by 24-hour operations, by putting a greater relative emphasis upon production than upon experimental work, and by improved mass production methods made possible by large orders, New York Foreign Exchange Market New York, June 8.
Sterling again fluctuated violently in the New York foreign exchange market while traders tried to measure the possible effects of the new British regulations, and the cross-rate proved very sensitive to small orders.
The present function of the market appeared to be directed toward cleaning up existing contracts. However, experts said official word was still lacking as to how settlement would be made for claims entered into prior lo the new regulations.
Opening at 3.67 compared with yesterday's closing rate of 3.82, the pound finished at 3.75. The high for the day was 3.79% and the low 3.67.
The French franc followed the trend of sterling and closed at 2.13 compared with 2.16% yesterday.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.