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Two-thirds of Output Must Go To Home Market, Says Leyland
Page 55
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EXPORTS earned .a lower net profit • L4 than home sales, and often entailed some loss, so that a sufficient bicking • of home sales was essential to the 'acquisition of foreign exchange, said Mr. Henry Spurrier, managing director of Leyland Motors, Ltd., at the cornpany's annual general meeting, last week. He was presiding in the absence of Mr. C. Basil Nixon, who was ill.
"For success," the annual statement read, "an export output of one-third must have about two-thirds of hometrade support to cover the cost and risk of selling abroad, and, therefore, manufacturers must be given a free hand in the home market so long as they were earning their export quota. It is only by greater volume of output and working to capacity_ that costs can be red tieed."
Severe Competition Selling was more difficult and costly overseas than in the home market.
• Competition •abroad was real and was becoming mom severe. A new incentive to export trade was needed, There should be tax relief on profits from export "to the extent that the proportion of export turnover bears to total turnover."
Leyland Motors, Ltd., had increased its exports by 420 per cent., compared smith the value of shipments in 1938. The Government target was 315 per cent. Forty-two per cent. by volume • and value of production had been shipped overseas, compared with the Government's target of 40 per cent. Stabilized' selling prices had been achieved, despite inoreased cots. "We had hoped that this year it would have been possible to make a substantial all round seduction in settling prices," the statement added. •" It ,may shortly be essential to take drastic action in this Airettion but the bbaid are faced with the fact that due to Government policy. nationalization, devaluation, etc., our costs are again advancing:' In 12 years the Government had
taken from the company lin taxation 0,246,354. Large sums had also been paid to the Government for social services, and large amounts had been collected from employees for these -services. Purchase tax and a large amount in oil duty had alsp been paid. These vast sun*" said Mr. Spurrier, "are inevitably passed on to our custorhers, who have their own
taxes* to meet, When their fuel, registration and purchase taxes are added there is a heavy burden laid on road transport in this country, and it is essential, in the interests of productive industry, that the cost of transport should be kept as low as possible."
"EXPORT TRADE HAMPERED," . SAYS S.M.M.T. URRENCY and import restrictions still hampered the development of the export trade, states the Society of Motor Manufacturers. and Traders in its annual report.. The failure of some countries to carry out terms of commercial agreements made with this country was disquieting.
It had been impressed upon Government negotiators that in arranging trade treaties, specific ' reference 'should be made to spares, tyres, accessories and garage 'equipment,. besides the main products of the motor industry.
" OIL SUPPLIES, SECURE
THE eastern hemisphere would become self-suffiCient in oil, and in the Western hemisphere output could keeps pacewith demand for many years to come, , said Mr; Howard W. Page, director of the Anglo-American Oil CO., Ltd., in London last 'week..
During the past three years the United States had added 1 7/10ths tons of petroleum to its proved reserves for every ton. produced. In those three years the amount of proved oil reserves in the U.S. was equivalent to about 80 years' consumption of the United Kingdom, or 35 years for the sterling area.