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amounted to $1,263 million gross for the fiscal
the British considerable bargaining power in
year 1948/49. It must be noted, in this con-
international economic negotiations.
nection, that the United Kingdom in the fiscal
The major class of UK imports is that group
year 1948/49, under the European payments
comprising food, drink, and tobacco, which
scheme, made available to other participating
in 1948 accounted for 42 percent of the total
countries drawing rights in sterling to an
equivalent of $312 million gross. In view of
imports, a decline from the prewar figure of
these circumstances it is apparent that the
47 percent which reflects the British program
United Kingdom is now "paying its way" in
of austerity and efforts towards self-suffi-
the world generally, but that, nevertheless,
ciency in food. The group comprising raw ma-
the continuing dollar deficit constitutes the
terials (which includes such items as timber,
gravest problem faced by the British econ-
raw cotton and wool, paper-making materials,
omy.*
rubber, and non-ferrous ores and scrap), on
Balance of Payments on Current Account (£ million)
1938
1947
1948
Payments:
Jan.-June
July-Dec.
Imports (f.o.b.)
Provisional
(a) Food and feedingstuffs
719
421
390
(b) Animals and seeds
26
11
14
(c) Raw materials
517
303
311
(d) Tobacco
30
18
21
(e) Petroleum
78
62
61
(f) Machinery and vehicles
87
29
23
(g) Other imports
84
52
52
Total
835
1,541
896
872
Receipts:
Exports and Re-exports (f.o.b.)
533
1,100
730
820
Invisibles (net)
+232
- 189
+
+ 82
Surplus (+) or Deficit (-) on
Current Account
70
- 630
-150
+ 30
8. International Trade.
the other hand, has risen from 27 percent of
Lack of natural resources in the islands
the prewar total to 33 percent in 1948. The
remaining 25 percent in 1948 consisted almost
has obliged the United Kingdom to import
wholly of machinery and processed materials
from abroad a significant part of the food
and a major part of the raw materials neces-
for industry. Value of 1948 imports was
sary to the sustenance and livelihood of its
£2,080 millions, over twice the 1938 figure of
£919 millions and £285 millions more than the
population. The cost of these imports is met
1947 figure. Inasmuch as the volumes of 1947
by the earnings of British exports, both vis-
ible and invisible. A large and diversified
and 1948 imports, however, were only 78 per-
cent and 81 percent respectively of 1938, these
overseas trade, therefore, is of the first im-
increases in total value are due almost en-
portance, not only to the British themselves,
tirely to price increases.
but also to Britain's many trading partners.
Britain's 1938 imports amounted to about 18
The chief export of the United Kingdom
percent of the world's total and exports to
remains manufactured goods; these have ad-
about 12 percent; corresponding figures for
vanced from 77.6 percent of the total in 1938
1948 were 15 percent and 13 percent. The
to 86.8 percent in the fourth quarter of 1948,
size and significance of the UK market gives
of which metal manufactures were 48.0 per-
cent, textiles 21.0 percent and other manufac-
* For a later view of the situation see ORE 79-49
"US Security and the British Dollar Problem" (Con-
tures 17.8 percent. The most important
fidential), 31 August 1949.
changes in exports between 1938 and 1948
SECRE
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"ocrText": "59\namounted to $1,263 million gross for the fiscal\nthe British considerable bargaining power in\nyear 1948/49. It must be noted, in this con-\ninternational economic negotiations.\nnection, that the United Kingdom in the fiscal\nThe major class of UK imports is that group\nyear 1948/49, under the European payments\ncomprising food, drink, and tobacco, which\nscheme, made available to other participating\nin 1948 accounted for 42 percent of the total\ncountries drawing rights in sterling to an\nequivalent of $312 million gross. In view of\nimports, a decline from the prewar figure of\nthese circumstances it is apparent that the\n47 percent which reflects the British program\nUnited Kingdom is now \"paying its way\" in\nof austerity and efforts towards self-suffi-\nthe world generally, but that, nevertheless,\nciency in food. The group comprising raw ma-\nthe continuing dollar deficit constitutes the\nterials (which includes such items as timber,\ngravest problem faced by the British econ-\nraw cotton and wool, paper-making materials,\nomy.*\nrubber, and non-ferrous ores and scrap), on\nBalance of Payments on Current Account (£ million)\n1938\n1947\n1948\nPayments:\nJan.-June\nJuly-Dec.\nImports (f.o.b.)\nProvisional\n(a) Food and feedingstuffs\n719\n421\n390\n(b) Animals and seeds\n26\n11\n14\n(c) Raw materials\n517\n303\n311\n(d) Tobacco\n30\n18\n21\n(e) Petroleum\n78\n62\n61\n(f) Machinery and vehicles\n87\n29\n23\n(g) Other imports\n84\n52\n52\nTotal\n835\n1,541\n896\n872\nReceipts:\nExports and Re-exports (f.o.b.)\n533\n1,100\n730\n820\nInvisibles (net)\n+232\n- 189\n+\n+ 82\nSurplus (+) or Deficit (-) on\nCurrent Account\n70\n- 630\n-150\n+ 30\n8. International Trade.\nthe other hand, has risen from 27 percent of\nLack of natural resources in the islands\nthe prewar total to 33 percent in 1948. The\nremaining 25 percent in 1948 consisted almost\nhas obliged the United Kingdom to import\nwholly of machinery and processed materials\nfrom abroad a significant part of the food\nand a major part of the raw materials neces-\nfor industry. Value of 1948 imports was\nsary to the sustenance and livelihood of its\n£2,080 millions, over twice the 1938 figure of\n£919 millions and £285 millions more than the\npopulation. The cost of these imports is met\n1947 figure. Inasmuch as the volumes of 1947\nby the earnings of British exports, both vis-\nible and invisible. A large and diversified\nand 1948 imports, however, were only 78 per-\ncent and 81 percent respectively of 1938, these\noverseas trade, therefore, is of the first im-\nincreases in total value are due almost en-\nportance, not only to the British themselves,\ntirely to price increases.\nbut also to Britain's many trading partners.\nBritain's 1938 imports amounted to about 18\nThe chief export of the United Kingdom\npercent of the world's total and exports to\nremains manufactured goods; these have ad-\nabout 12 percent; corresponding figures for\nvanced from 77.6 percent of the total in 1938\n1948 were 15 percent and 13 percent. The\nto 86.8 percent in the fourth quarter of 1948,\nsize and significance of the UK market gives\nof which metal manufactures were 48.0 per-\ncent, textiles 21.0 percent and other manufac-\n* For a later view of the situation see ORE 79-49\n\"US Security and the British Dollar Problem\" (Con-\ntures 17.8 percent. The most important\nfidential), 31 August 1949.\nchanges in exports between 1938 and 1948\nSECRE"
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