A SURROGATE FOR REGIONAL ESTIMATES OFCAPITAL STOCKT

By JIM TAYLOR

Although data of the stock and flow of real capital are available at thenational level, similar information does not exist for the regions of the UK. Evenat the national level 'data on capital stock are very scarce and so difficult tocompile that one must take what is available and be thankful for it' 2 A regionalbreakdown of national figures of capital, such as are published in the NationalIncome Blue Book, would be invaluable for a more rigorous treatment andanalysis of regions than has so far been possible. Moreover, a more thoroughunderstanding of the functioning of the national economy would ultimately beacquired.

This paper shows that the amount of active capital stock3 (viz, plant andmachinery excluding buildings) in five main industry groups within the manu-facturing sector can be accurately estimated for the UK from statistics ofindustrial electricity consumption. Furthermore, it is argued that the closecorrespondence between active capital stock and industrial electricity consump-tion permits regional estimates of active capital stock to be calculated for thesefive industry groups. The five industry groups are as follows: food, drink andtobacco; chemicals and allied industries; iron and steel; engineering and othermetal trades; paper, printing and publishing.4 In each of the years for which theestimates were made (l96l-65), these five main industry groups accounted for88 per cent of the total stock of plant and machinery in the manufacturingsector.5

IBut first let us consider the data which have been used to indicate very

broadly the stock or flow of capital at the regional level.

'I am indebted to the Nuffield Foundation for providing the funds which supported thisresearch paper and also to those people at the Electricity Council and the Ministry of Powerwho provided me with the necessary data.

2A summary of the data available for measuring changes in the volume of capital in useover time in the British economy is given by R. J. Nicholson in 'Capital Stock, Employmentand Output in British Industry (1948-64)', Yorkshire Bulletin, Vol. 18 No. 2, November, 1966,pages 65-69.

The term 'active capital stock' refers to plant and machinery (excluding buildings) whichis actually being used, and not just the amount of capital stock in existence. The derivationof active capital stock figures is explained below. Plant and machinery accounted for 64 percent of total gross capital stock in 1965.

4 The industries are defined in terms of the 1958 Standard Industrial Classification asfollows:

Food, drink, tobacco: order group III.Chemicals and allied industries: order group IV.Iron and steel: order group V (excluding min. list heading nos. 321/2).Engineering and other metal trades: order groups VI VII, VIII, IX and min. list heading

nos. 321/322 from V.Paper, printing, publishing: order group XV.The manufacturing sector includes construction industries and excludes textiles. This

point is discussed by R. J. Nicholson, op. cit.

290 BULLETIN

Regional estimates of capital stock do not exist: but there are two officialsources of data pertaining to regional estimates of capital development. First,the Monthly Digest of Statistics contains data of the area of new industrialbuilding' in the manufacturing sector as a whole for the standard regions ofGreat Britain. These data are available annually from 1954 onwards. Second,a survey of regional development by Miss J. M. Maton2 includes data, deriveddirectly from Board of Trade records, of the area of new industrial building byindustrial group (1945-56, 1956-62) for each standard region in Great Britain.

The Obvious disadvantage of the Monthly Digest data is that there is noindustrial breakdown; the information which is available is for the wholemanufacturing sector. This difficulty has been partially overcome by MissMaton's study, but the usefulness of even an industrial breakdown of the 'areaof new industrial building' is open to serious doubt, as will be shown below.

In the absence of all other data it could be argued that the construction ofnew industrial building will be related, at least to some extent, to capital f orm-ation since the mere physical extension of a factory will involve a capital expendi-ture. Miss Maton shows 'that the proportion of new building in manufacturingindustry devoted to particular industries was very broadly similar for the period1951 to 1962 whether measured by the area of buildings completed or byexpenditure (at 1958 prices) on them, though there are some significant differ-ences'. It is subsequently argued that 'it seems reasonable to use the figures ofthe area of factory floor space built in different regions over long periods ofyears as an approximate measure of regional investment in buildings by manu-facturing industry'.3 This assumed relationship is not borne out, however, bysimple correlation analysis.

The correlation coefficient between the expenditure on new buildings andworks in manufacturing industry (UK 1955-64),4 and the area of new industrialbuilding in manufacturing industry (GB 1955-64) was only +0.23. Thecorrelation coefficient between the area of new industrial building by industrygroup in GB (1951-62) and the expenditure on new buildings and works, at1958 prices, per industry group in the UK (1951-62) was +0.80, which is muchmore promising than the first coefficient, but which nevertheless means thatonly 64 per cent of the variance is explained by the linear relationship betweenthe two variables, and that 36 per cent of the variance therefore remainsunexplained. In addition, the proportion of total expenditure (on new buildingsand works) in each industry group, and the proportion of total area (of newindustrial building) in each industry group varied considerably in some cases.For instance, chemicals and allied industries had 16.8 per cent of total expendi-ture on new buildings and works, but had only 11.8 per cent of the total areaof new industrial building (1951-62). In fact, in six of the eleven industrygroups the difference between the two proportions was greater than 20 per cent.

1 The term 'new industrial building' includes new buildings and extensions to existingbuildings, mainly over 5,000 sq. ft., in manufacturing industry.

2 See M. J. Maton, 'Regional Analysis: 1948-1958', Board of Trade Journal, January, 28th1966.

Ibid., pages vi and vii.See the National Income Blue Book (1965), table 56, page 69. The data were adjusted

(in order to eliminate changes in the price level) by the same price index used for adjustingthe figures for gross fixed capital formation, at 1958 prices, in manufacturing (table 55, page 66).

A SURROGATE FOR REGIONAL ESTIMATES OF CAPITAL STOCK 291

Even if regional data of the value of new industrial building were availablethese would still be of doubtful value for the regional analyst as these datawould give little indication of the amount of plant and equipment actuallyused in conjunction with a given expenditure on new industrial building. Inaddition, there would be no indication of how intensively the capital stock wasbeing used.

IIIndustrial electricity consumption is complementary to the use of capital

equipment because it is an important fuel input. Practically all mechanicalpower is now derived from electricity' either supplied through the nationalgrid system or generated privately on the firm's own premises. Even wherethe firm's equipment is driven by compressed air, this will usually be providedby electrically driven compressors. The other fuels, coal, oil, gas, are used inthe main not to produce mechanical power but to provide the factory withsteam or heat either to process the product or heat the factory. The steamengine is now the most inefficient method of supplying power and is used verylittle. Even where a large piece of equipment, for example a paper-makingmachine, requires a lot of heat provided by fuels other than electricity, in orderto expose the product to steam, a large amount of electrical horse power is stillneeded. To take a further instance, an oil or gas fired oven installed in largebakeries requires electrical power to control the oven and distribute the productthrough the oven.

The only significant area where electricity is used in large amounts for heatrather than for power is in the steel industry where electric arc furnaces havebeen introduced largely where steel is made from raw material which includesa high proportion of 'scrap'. Where one steel complex uses electric arc furnacesand another does not, the regional breakdown of capital stock using electricityconsumption figures (method to be explained below) could be distorted. Butsince the incidence of electric arc furnaces in each steel plant is known, adjust-ments can be made to eliminate this discrepancy.2

1 See Richard B. Du Bolt, 'Electrification and Capital Productivity: A Suggested Approach',The Review of Economics and Stalistics, November 1966, page 427. Du Boff shows that elec-tricity provided 92.2 per cent of total power consumption in U.S. manufacturing industriesin 1962.

2 Method of adjusting iron and steel electricity data:It has been calculated that in a steel-making plant using all electric arc furnaces about

57 per cent of electricity used by that plant would be for heating purposes, and 43 per centfor non-heating purposes (power). This information was derived from a comparison betweenthe electricity/output ratio of the electric arc method of steel production and other methods.Since 12.7 per cent of existing furnace capacity consists of electric arcs (1965), it can beassumed that 57 per cent of electricity consumed by this 12.7 per cent of existing furnacecapacity will be for heating purposes. The regional distribution of electric arc capacity isknown (see 'Iron and Steel Annual Statistics', which gives data of the number of electricarc furnaces per region and their individual capacity); hence, the amount of electricity con-sumed for heating purposes by the iron and steel industry in a particular region can be estimatedby the following method:

Electricity used for heating purposes =x x y X z Xe where x is the region's percentageshare of total electric arc capacity, y is the total electric arc capacity as a percentage of totalcapacity, z is the percentage of electricity used for heating purposes in a steel-making plantwhich operates only electric arc furnaces (i.e. 57 per cent) and e is the electricity consumedby the iron and steel industry in the region under consideration. Finally, the amount ofelectricity consumed by the iron and steel industry in a region for non-heating purposes isderived by simply subtracting the estimate of electricity used for heating purposes from thetotal electricity consumption of the industry in the region.

130

120

110

lOO

FLUCTUATIONS FROMTREND VALUE (1955-65)

20

1.0

o

-1.0

-20

01

-O.'

075

050

O25

-025

-050

-0.75

954 955 956 957 1958 959 1960 961 1962 963 964 965

TREND VALUE OFCAPITAL f OUTPUT RA1O

IRON AND STEEL

CHEMICALS ANDALLIED INDUSTRIES

ENGINEERING AND OTHERMETAL INDUSTRIES

-FOODs DRINK AND TOBACCO

PAPER, PNTING ANDPUBLISHING

INDEX 0F INDUSTRIALPRODUCTION (1958 lOO)

* The capital/output ratio, in the present analysis, is the ratio between the index of capitalstock and the index of production per industry group.

292 BULLETIN

GRAPH 1: Deviations from the trend value of the capital/output ratio* (1955-65)

A SURROGATE FOR REGIONAL ESTIMATES OF CAPITAL STOCK 293

One would expect the level of industrial electricity consumption to be closelyrelated to the stock of active capital in existence because the amount of electricityactually used will also vary with the extent to which capital equipment is beingutilised. For instance, if an increase in capital stock is accompanied by an off-setting fall in capital utilisation, then the consumption of electricity couldremain unaffected. It is therefore necessary to derive approximations of theamount of active capital stock in order to establish the relationship betweenelectricity consumption per industry and active capital stock per industry.

In the present analysis, it is supposed that in years of boom capital stockwill be relatively over-utilised, and in years of recession capital stock will berelatively under-utilised. The extent of this over- or under-utilisation of capitalstock will be reflected by the short-run fluctuations from the long-term trendin the capital/output ratio. When the economy is recovering from recessionand output is expanding, the capital/output ratio will tend to fall and reach aminimum point at the height of the boom. There will be a negative fluctuationin the capital/output ratio from the long-run trend sinçe relatively more outputwill be produced per unit of capital. When the economy is moving into recession,the capital/output ratio will tend to rise, and reach a maximum just beforethe period of recovery. In this case, the fluctuations in the capital/output ratiofrom the long-run trend will be positive because of the relatively less outputbeing produced per unit of capital. This can be seen to happen, in the industriesunder consideration, from graph 1 which shows the short-run fluctuations inthe capital/output ratio (1955-65) in each industry alongside the movement inthe index of industrial production (1954-65).

Since the over-utilisation of capital stock is reflected by a negative fluctuationof the capital/output ratio from the long-run trend, and since the under-utilisationof capital stock is reflected by a positive fluctuation of the capital/output ratiofrom the long-run trend, it follows that the trend value ought to show the amountof capital stock which is needed to produce a given output when capital stock isneither over- nor under-utilised. When capital stock is being over-utilised thenrelatively too little plant and machinery exists to produce the given output, andwhen capital stock is being under-utilised then relatively too much plant andmachinery exists to produce the given output. This means that the capitalstock figure must be adjusted upwards in order to take over-utilisation intoaccount, and adjusted downwards in order to take under-utilisation into account.The extent of the adjustment needed to the actual value of capital stock willdepend upon the percentage deviation of the capital/output ratio from thetrend value. The method for deriving the 'adjusted' capital stock figure forany given industry in a particular year can be summarised algebraically asfollows:

Since, by definition

Then K=TxP

where K is the adjusted capital stock figure (i.e. active capital stock), T is thetrend value of the capital/output ratio and P is the value of output. In practice,

294 BULLETIN

the production index for each industry is used as a measure of output and themethod is subsequently modified as follows:

K=V><A

where K is active capital stock, V is the trend value of the ratio between thecapital stock index and the production index, C is the index of capital stock,D is the index of production, and A is the actual value of capital stock.

Alternatively, active capital stock can be derived from estimates of thepercentage of actual capital stock which is being utilised. It is possible toestimate the level of capital stock utilisation by the following method:

assume that peak levels of the output/capital ratio are points of maximumcapacity utilisation of capital stock,fit a trend line to the peaks,express the actual output/capital ratio as a percentage of the trendoutput/capital ratio (where the trend is based only on the peaks), andmultiply the result by the actual level of capital stock.

Thus K_ ROO (A)

where K is active capital stock, R is the actual value of the output/capitalratio, T is the trend value of the output/capital ratio (where the trend is basedupon the peak observations), and A is the actual value of capital stock.

This method has not been used in the present analysis because there are aninsufficient number of peaks in the period under consideration (1955-65) todetect a trend.

IIIOnce the adjusted capital stock figure has been derived, the proposition

that industrial electricity consumption and active capital stock are closelyrelated can be tested. Data of industrial electricity consumption are available,by industry group, for the years 1955_651; corresponding data of industrialproduction and gross capital stock are available for the same time period.2 Theestimates of national capital stock 'are valued in terms of what they wouldcost if they were replaced by new but otherwise similar assets. They are, therefore,described as being "at 1958 prices" to emphasise that used assets are beingvalued as if they were new.'3 No allowance has been made (in the estimates of

1 See the Ministry of Power Digest (1966) tables 92/93, page 132 for GB. data, whichrelates to electricity consumed (excluding domestic, commercial and agricultural consumption,as well as transport and public lighting). Self-generation figures have been added to publicsupply of electricity so that the data refers to total consumption per industry. The relevantdata was not available for N. Ireland, but this omission is likely to have very little effectupon the analysis since industrial sales of electricity to N. Ireland account for less than 2 percent of national industrial sales.

2 See G. A. Dean, 'The Stock of Fixed Capital in the U.K. in 1961', table II, page 347,Journal of the Royal Statistical Society, Vol. 127, Part 3, 1964. See also the National IncomeBlue Book (1966), table 68, page 81.

See the National Income Blue Book (1965), page 111.

A SURROGATE FOR REGIONAL ESTIMATES OF CAPITAL STOCK 295

the value of capital stock) for the age of assets, the intensity with which assetshave been used, or the extent to which assets have become obsolete.

The statistical relationship between industrial electricity consumption andactive capital stock was calculated for five main industry groups in the manu-facturing sector (see note 4) by correlating the two variables, and by regressingactive capital stock on industrial electricity consumption. It is evident fromtable 1 that industrial electricity consumption and active capital stock arevery closely related. In each case both the correlation coefficient and theregression coefficient are highly significant. These results support the initialproposition that industrial electricity consumption is a function of activecapital stock, and the close statistical relationship between these two variablesmeans that the former is an efficient predictor of the latter.

Industrial electricity consumption is a more useful indicator of the servicesbeing derived from capital equipment than a simple value figure of capitalstock. The latter ignores completely the extent to which capital stock is actuallybeing utilised. For example, a machine will consume twice as much electricityif it is used 16 instead of 8 hours per day, but this greater degree of utilisationwill not be reflected in the vaine of the capital stock figure. Industrial electricityconsumption is therefore a useful indicator of the services being derived fromplant and machinery. Furthermore, regional differences in the level of capitalutilisation, within a particular industry, will be reflected by the regional estimatesof active capital stock, since regions with a relatively over-utilised capital stockwill consume more electricity per unit of capital than regions with a relativelyunder-utilised capital stock.

TABLE 1The statistical relationship between industrial electricity consunsj.'tion and active capital stock

(1955-65)

Industries Correlation Linearcoefficient* regression equation*

* all correlation and regression coefficients are significant at 0.1 per cent.K=active capital stock (in £1,000 million)E== industrial electricity consumption (in 100 million Kwh.)

But the above statistical relationship between industrial electricity con-sumption and active capital stock has only been established at high (national)levels of these two variables: the analysis says nothing of the relationship atlow (regional) levels of industrial electricity consumption and active capitalstock. In fact, an important assumption is required in order to estimate regionalvalues of active capital stock: since industrial electricity consumption is afunction of active capital stock at the national level, it is assumed that thisrelationship still holds at the regional level. It follows from this assumptionthat regional estimates of active capital stock can be derived by allocating the

Food, drink, tobacco +0.999 K= 0.266+0.023EChemicals, allied inds. + 0.999 K= 0.455 + 0.015EIron and steel ... +0.991 K=-0.054+0.016EEngineering, other metals + 0.975 K= 2.058+ 0.021EPaper, printing, publishing + 0.985 K= 0.311 + 0.014E

296 BULLETIN

GRAPH 2: Scatter diagrams of industrial electricity consumption (GB) and activecapital stock (UK) in five main industry groups (1955-65).

50

40

30

20 1<70 .75 8O 85 90 95 I00

1004c; 50 60 1<

E zINDUSTRlAL ELECTRICITYCONSUMPTION (IN IOOM.KWH)

K ACTIVE CAPITAL STOCK(IN £1000 M.)

FOOD. DRINK AND TOBACCOE

CHEMICALS AND ALLIED INDUSTRIESE

40

35

40

30

t,

30 120

25 'O

207 K ¡00II ¡Q

90

¡30

IRON AND STEEL80

701.5

K17 19 2.1 2'3 2'5

¡20

ENGINEERING AND OTHERI ¡0 E METAL INDUSTRIES

loo 170

90 160

80 ¡50

70 140

6O 13012 4 ¡6 :8 20 K

120

PAPEPPRINTIWG AND PUBLISHINGE 110

A SURROGATE FOR REGIONAL ESTIMATES OF CAPITAL STOCK 297

nation's stock of active capital between the regions in accordance with theregional distribution of industrial electricity consumption. Thus, it is assumedthat

e1 k1

E1 K1

Hence k1= >< K,

where e is industrial electricity consumption in the region, E is industrialelectricity consumption in the national economy, k is the value of active capitalstock in the region, K is the value of active capital stock in the national economy,and j is the industry for which the regional estimate is being made.

Because of the questionable nature of this assumption the regional estimatesof active capital stock are likely to be more valid when considered in terms ofthe long-run trend of this variable, rather than as individual estimates forparticular years. The regional estimates of active capital stock will thereforebe most useful as a broad indication of regional development trends in theparticular industry groups for which estimates have been made. In additionthey should prove useful for analysing regional trends in productivity.

One final assumption must be made: that load-shedding1 will tend to beuniform throughout an industry, regardless of location. If this condition doesnot hold, then the estimate of active capital stock in regions where there isconsiderable load-shedding will be an underestimate (because capital equipmentwill be under-utilised at peak consumption periods) in comparison with regionswhere there is no load-shedding. Yet, regional differences in load-shedding areunlikely to be substantial. Load-shedding occurs for less than six hours per dayin about three months of the year. Thus the loss of running-time is under6 per cent. But the effect of load-shedding is partially counteracted by privategeneration, the figures for which are included in the regional data of industrialelectricity consumption. Moreover, load-shedding is limited mainly to the largechemical and steel plants.

ConclusionIt has been demonstrated that active capital stock can be accurately estim-

ated from statistics of industrial electricity consumption in five main industrygroups. It was argued that since industrial electricity consumption is a functionof active capital stock in the national economy, then regional levels of thesetwo variables are also functionally related. It follows that regional statisticsof industrial electricity consumption can be used as a proxy for regional estimatesof active capital stock, which have been calculated for the five main industrygroups included in this analysis (see note 4) and are given in the appendix.

1 Load-shedding is the term used to describe the situation arising from an excessive demandbr electricity at certain peak periods of the year. 'When demand for electricity is greater thansupply, a certain amount of plant and machinery has to be deliberately withheld from productionin order to prevent excessive loading on the electricity supply system.

H

298 BULLETIN

Regional estimates of active capital stock are useful for a number of reasons,especially when used together with other variables. Such estimates wouldmake it possible to examine regional differences in long-run capital development;in capital productivity; in the capital intensity of production methods; and inshort-run fluctuations in active capital stock. Indicators such as these willimprove the effectiveness of regional policy, the consequences of which shouldbe more accurately assessed as more data reflecting economic conditions inthe regions become available.

University of Lancaster

APPENDIXA. Regional* estimates of active capital stock (plant and machinery) in five main industry groups

in the U.K. (1961-65)

** adjustments have been made on the basis of note 10.

London, S.E. ... ... ... 80.7 84.2 87.5 94.0 93.7South ... ... 116.8 137.0 156.4 175.8 177.0s.w. ... 61.9 58.5 70.5 84.4 88.3Eastern ... ... 100.0 99.8 108,6 118.4 122.1E. Mids. ... 36.2 35.7 38.3'Mids. .. ... ... 72.5 81.6 77 Q]' 123.2 137.8

rs. Wales, N.W.N. Wales and 1V'lerseyside 995.9 1022.0 1072.8 1165.8 1211.6

Yorkshire ... ... 105.3 114.0 118.3 128.6 136.2454.5 446.3 478.6 524.2 527.4

England and Wales ... 2023.9 2079.3 2207.7 2414.5 2494.4

Iron and Steel**Regions 1961 1962 1963 1964 1965

Derby., Leics., Notts., Northants., Essex ... 146 140 139 154 161N.W., N. Wales ... ... 154 157 161 194 209Lincolnshire ... 129 134 138 166 183N.E. ... 200 175 196 234 225Scotland ... ... ... 137 122 148 198 227Staffs., Salop., Worcs., Warwicks. ... 149 139 146 164 177S. Wales, Monmouth. ... ... 343 390 444 483 523Yorkshire excluding N. E. Yorks. ... 282 252 289 388 475

UK ... ... ... ... ... 1,540 1,510 1,660 1,980 2,180

Food, drink and tobacco (L million)Regions 1961 1962 1963 1964 1965

London, S.E., E. ... .. ... 312.3 322.7 343.1 351.2 365.2South ... ... ... 77.0 87.9 92.5 98.1 107.4S.W. ... ... ... ... 64.0 64.7 67.0 68.0 72.2E. Mids., Mids. ... ... ... 149.9 151.7 158.6 165.2 179.5Rest of England and Wales... ... 323.3 332.4 345.5 356.5 375.0

England and Wales ... 926.5 959.3 1006.8 1038.9 1099.3

Chemicals and allied industriesRegions 1961 1962 1963 1964 1965

Source ofpreliminary data Ministry of Power; Electricity Council; National Income BlueBook.

*A definition of the regions referred to in this Appendix, with the exception of those regionsused for the iron and steel industry, can be found in the Ministry of Power Digest. The individualregions are the Area Boards of the Electricity Council. In some cases a region is made up ofnumerous Area Boards because data were not available for the individual areas. In the caseof the iron and steel industry the areas are those used by the Iron and Steel Board and aredefined more accurately in its Iron and Steel Annual Statistics.

It is unfortunate that Electricity Board Areas do not coincide with the standard adminis-trative regions of the UK. Certain adjustments would have to be made if the regional estimatesof active capital stock were to be used in conjunction with other regional statistics.

B. Gross capital stock at 1958 prices (new), and derived estimates of active capital stock (1955-65): UK

Source National Income Blue Book.Column (1) = gross capital stock at 1958 prices (new): plant and machinery only.Column (2) = derived estimates of active capital stock: plant and machinery only.The method of deriving estimates of active capital stock is explained in section II.

Food, drink,tobacco

Chemicals andallied

industries

Iron and Steel Engineeringand other

metal trades

Paper, printingand

publishing

(1) (2) (1) (2) (1) (2) (1) (2) (1) (2)

1955 0.75 0.76 1.46 1.56 1.05 1.06 4.05 4.28 0.72 0.771956 0.79 0.80 1.56 1.62 1.09 1.16 4.21 4.16 0.75 0.751957 0.84 0.83 1.70 1.68 1.17 1.25 4.37 4.32 0.78 0.761958 0.88 0.87 1.83 1.68 1.25 1.18 4.51 4.36 0.81 0.771959 0.92 0.93 1.95 1.87 1.33 1.29 4.63 4.57 0.83 0.821960 0.97 0.98 2.03 2.07 1.45 1.57 4.78 4.92 0.86 0.901961 1.03 1.03 2.15 2.12 1.61 1.54 1.97 4.96 0.90 0.901962 1.08 1.07 2.26 2.18 1.73 1.51 5.14 5.00 0.93 0.911963 1.12 1.12 2.35 2.32 1.79 1.66 5.31 5.17 0.95 0.941964 1.18 1.18 2.45 2.54 1.87 1.98 5.43 5.55 0.99 1.011965 1.23 1.23 2.56 2.66 1.96 2.18 5.60 5.77 1.01 1.02

A SURROGATE FOR REGIONAL ESTIMATES OF CAPITAL STOCK

Engineering and other metal tradesRegions 1961 1962 1963 1964

299

1965

London, S.E ... 479.1 509.5 525.3 535.6 540.6South ... 352.7 368.5 379.0 405.2 421.8SW. ... 97.7 98.0 103.4 111.0 114.2Eastern ... 464.8 481.5 486.0 526.1 566.0E. Mids ... 469.2 474.5 494.8 531.7 567.2Mids ... 958.8 967.5 1020.6 1082.2 1136.7S. Wales ... 224.7 220.5 228.0 244.8 213.5N. Wales and Merseyside ... 224.7 220.5 271.4 322.5 350.0Yorks ... 420.6 405.0 417.2 460.7 436.8N.E. ... 275.3 270.5 270.4 277.5 290.2N.W ... 424.1 414.0 422.9 442.3 463.3

England and Wales ... ... 4391.6 4429.5 4619.9 4939.5 5099.5

Paper, printing and publishingRegions 1961 1962 1963 1964 1965

London, SE., E ... 398.7 395.6 406.9 436.4 440.4South, S.W ... ... ... 90.6 95.0 100.2 109.8 108.1E. Mids., Mids ... ... 36.4 36.3 39.5 43.4 44.0Rest of England and Wales.,. ... ... 251.8 257.6 266.3 283.0 297.9

England and Wales ... ... ... 777.5 784.5 812.9 872.6 890.4