^{note (1) page 48} See The Board of Trade Journal, 24 January 1969, page 225.

^{note (2) page 48} Among these, the findings of our own recent Industrial Inquiry are relevant. This inquiry, which was carried out in December 1968, covered 110 firms in metal-using industries. Firms in the engineering industry, asked how much more they could produce given the demand and any necessary labour input, responded with a figure of 12 1/2 per cent, which compares with a figure of 28 per cent given in response to the same question in the Industrial Inquiry of December 1967. The index of capacity utilisation, based on answers to this question in our Industrial Inquiries over eleven years, was estimated at 89 for late 1968, the highest figure ever recorded. (See also page 59 and chart 2.)

^{note (3) page 48} This suggestion, which we have nevertheless adopted in the circumstances, conflicts with the figures relating to orders on hand for shipping under UK registration (see table 2). At the end of 1968 home orders on hand in British shipyards and not yet started amounted to 1,611 thousand gross tons, compared with only 798 thousand gross tons a year before.

^{note (4) page 48} ‘Public Expenditure 1968-69 to 1970-71’, Cmnd 3936.

^{note (5) page 48} Ibid . paragraph 11.

^{note (6) page 48} Cf. National Institute Economic Review no. 43, February 1968, pages 14-17 and pages 34-35.

^{note (1) page 51} Of these, the distortions created by the hangover of the 1967 UK dock strikes were by far the largest : they probably inflated the value of UK exports by just over £100 million in the first quarter of the year, with some continuing effect in the second quarter.

^{note (2) page 51} For the purpose of this analysis ‘world’ trade in manufactures was defined as exports in SITC sections 5 to 8 inclusive by Belgium-Luxemburg, Canada, France, West Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United States (excluding’ special category ‘exports), and the United Kingdom. The commodity groups examined were chemicals, textiles, non-precious metals and metal goods, electrical equipment, other machinery, transport equipment, and other manufactures. The destinations were the United States, Canada, Japan, EEC, Continental EFTA, other OECD Europe, non-OECD sterling area, Latin America, and other areas, (excluding the United Kingdom). The analysis was thus similar to that employed in R. L. Major, ‘Note on Britain's share in world trade in manufactures, 1954-1966’, National Institute Economic Review no. 44, May 1968 (except that Finland was included in EFTA, trade in diamonds and precious stones was included, and the coverage of ‘special category’ exports from the United States was narrower).

^{note (3) page 51} Further allowance must be made for the difference in performance of Inquiry firms and other firms in the same industries. The forecasts for exports of machinery, chemicals and road motor vehicles implied by the Inquiry results were roughly +15 per cent, +10 per cent and +15 per cent, respectively; in table 3, these have been scaled down to +13, +9 and +11 per cent.