§ Mr. Callaghan
There is no evidence of a decline in the volume of industrial production. The seasonally adjusted index of industrial production stands at 131 for April, the latest available month, compared with 132 for December, but this series is subject to random fluctuation and to establish a trend it is necessary to compare a run of months. On this basis the figures suggest that the rising trend of production in recent months has flattened out. I expect production to continue high during the remainder of 1965.