§ 6. Mr. A. Edward Daviesasked the Minister of Transport the net earnings in foreign currency from British shipping for the years 1937 and 1938; and how these compare with the present earning capacity of the industry.
§ Mr. BarnesInformation for 1937 and 1938 is not available. Inquiries by the shipping industry showed net earnings as £24 million for 1936, and £60 million for 1947. Their estimate for 1948 is £100 million, and it is likely that the net earnings in 1949 will prove to be even more. The figures for shipping in the White Paper on the United Kingdom Balance of Payments, though not on a comparable basis, reflect the same very satisfactory trend.
§ Mr. DaviesIs the British shipping industry working to the maximum of its capacity, or is there some slack still to be taken up?
§ Mr. BarnesI am satisfied that it is doing a very good job. If every industry were showing the same results as this we should rapidly be in a better position.