The British Government continued to make its offerings of the tin reserve with the selling price at the market quotation. Moreover, it was officially announced that no export licences for tin from Great Britain to the United States would be issued in May, although the downward trend of British tin stocks has been reversed in the last fortnight. This action will improve the British supply position, but it will not affect materially United States receipts, for the shipping situation from Malaya and the Netherland Indies to the United States is improv:
Meanwhile, production of tin and rubber is increasing and working capacity is likely to be larger early in the Summer unless the political situation in the Pacific intorters. The high rate of production is inducing the Malay government to relax its restrictions on prospecting for tin and on new plantings of rubber, Both activities at present are seriously curtated by international restriction agreements, and very little has been done in recent years to extend potential production. Although major extensions are not expected \in the near future, relaxation of these restrictions is regarded here as a hopeful sign.
The arrival here this week of a large consignment of Cape gold from New York for replenishment of British dollar reserves increases the interest in the recent development of the Transvaal gold industry. In the first quarter of 1941 this territory produced 3,540,722 ounces, against 3,386,187 ounces in the same period of last year. Production was valued at £29,742.064, against £25,96,402. Both quantity' and value set new
Text read from the printed page and cleaned; old type leaves the occasional error.