FINANCIAL NOTES
STEEL OUTPUT'S HIGH LEVEL
FURTHER evidence of the high level of industrial activity which has been reached in this country is provided by the June figures of iron and steel production. On a correct inter- pretation of the past month's figures they represent a further slight improvement on the record levels of production which were attained in May. The month's total of 1,175,600 tons of steel was 42,5oo tons less than in May, but the difference is more than explained by the smaller number of working days, and the June figures were also affected by necessary stop- pages for repair work. In June, 1938, production amounted to only 776,10o tons. Pig-iron production, at 715,700 tons, compared with 692,100 tons in May and 541,500 a year ago. The June figure was the highest since January, 1938.
Little doubt can now be felt that the expansion of the iron and steel industries has been well planned and that the big increases in production capacity made over the past two years have been needed to supply the exceptional defence demand which is now being experienced. But it will prob- ably be necessary to wait until the autumn to see these production figures again being attained. Holidays, necessary repairs, and the seasonal slackness of the summer months will combine to keep the July and August totals somewhat below those of the past two months. It is, however, reason- ably certain that 1939 must show a high production total.
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