FINANCIAL NOTES
BRITISH STEEL PRODUCTION IF evidence be needed that a high level of industrial activity is being maintained, notwithstanding share market inactivity, it is provided by the steel output figures for April. These show a steel production of 1,058,200 tons, compared with 1,170,900 in March and 938,60o tons in April last year. The April figure is lower than in March only because of the shorter month and the Easter holiday. The daily rate of out- put actually showed a further rise, and is almost up to the level of production in April, 1937, which was near the peak of the boom. Pig-iron production showed a further rise in April and amounted to 608,9oo tons, against 603,600 tons in March and 661,0oo tons in April last year. A further five furnaces were put into operation during the month.
It can reasonably be claimed that the British steel industry, thanks to a substantial volume of civil defence orders and some revival in normal commercial business, has overcome the 1938 recession and again stands near the position which it held in 1937. There is, however, an important difference between the position now and two years ago. Then the industry was working virtually at capacity : deliveries were in arrear and a larger production could doubtless have been achieved if the plant had been available. Since then the industry has been steadily adding to its production capacity, so that it is not now working to its present capacity, and if demand should justify it there can be substantially higher output figures.
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