Newspaper Page Text
2-B
. . .The Summerville News, Thurs., Dec. 15, 1977
1977 Textile
CHARLOTTE, N. C.-The
nation’s textile industry is
winding up 1977 in pretty
good shape after a record ship
ment year, but the outlook
ahead is clouded by rising
imports, possible tariff cuts,
stiff regulatory actions and
energy uncertainties, the presi
dent of the American Textile
Manufacturers Institute
(ATMI) said this week.
In his year-end review and
forecast for 1978, Robert P.
Timmerman said textile ship
ments reached $42 billion this
year, for a full 12 percent gain
over 1976. He said, too, that
the industry possibly set a new
production volume record this
year, or at least matched the
12.7 billion pound mark set in
1973.
Unfortunately, Timmerman
added, textile profits didn’t
follow the upward trend.
“Our earnings per dollar of
sales are estimated at 1.9 per
cent, well below the nation’s
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Shipments Hit Record; But Industry’s Outlook ‘Cloudy’
5.4 percent manufacturing
average,” Timmerman said,
“and substantially less than our
2.4 percent performance of a
year ago.”
In spite of sluggish profits,
Timmerman said that the
industry stepped up its pace of
capital investment in 1977 “to
maintain our position as the
most modern textile industry
anywhere in the world.”
He said that $930 million
was earmarked for new plants
and equipment, up $l2O mil
lion from 1976, but that
“these investments cannot
keep pace with expenditures
necessary to meet non-produc
tive government regulations.”
Timmerman said that the
industry faces new noise and
dust standards in 1978. “Call
ing them expensive is an under
statement,” he said, “for these
two proposals alone will cost
upwards of $6 billion.”
Timmerman went on to say
that the industry’s sluggish
profit performance reflects
acute domestic industry com
petition heightened by increas
ing textile imports from low
wage foreign nations.
“Import gains, in heighten
ing the competitive fever, con
tinued to outstrip exports,
thereby siphoning off addi
tional domestic sales poten
tial,” the ATMI president said,
noting that imports had grown
to nearly $6 billion in 1977.
“This figure represents a
$3.2 billion textile trade
deficit,” he said, adding that
the 1976 textile deficit of $3
billion was responsible for
one-third of the entire United
Corporal Ray Gets Noncom Army Diploma
A former Lyerly resident
recently graduated from the
U. S. Army Noncommissioned
Officer Academy at Fort
Campbell. Ky.
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States trade deficit.
Timmerman, who is also
president of Graniteville Co.
(South Carolina), said that
textile jobs neared the one
million mark as the year ended,
that textile workers were aver
aging 40.4 hours a week, and
that their average hourly earn
ings reached $4.09 in Novem
ber.
Looking toward 1978,
Timmerman said he expects a
slower upward momentum
than in 1977, because of inven
tory surpluses in the textile
pipeline and a leveling off of
the recovery from the 1974
recession. “Still,” he said, “we
Corporal Willis D. Ray, son
of Mr. and Mrs. Jack W. Ray
Sr. of Route 2, Lyerly,
received training in leadership
reponsibilities, map reading
anticipate a gain in shipments
over 1977.”
However, Timmerman was
also guarded in his forecast for
the new year, saying “much of
the industry’s future growth
potential will be determined by
the pattern of imports.
“Right now imports are
allowed to grow faster than our
domestic market,” he said. “In
fact, textile import growth has
averaged twice the rate of
domestic market expansion for
the past 10 years.”
Until the time of the dock
workers’ strike in October,
imports were running at an
annual rate of 5.3 billion
and military teaching methods.
Cpl. Ray is a 1971 graduate
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School.
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square yards, Timmerman
added.
He said, too, that the im
port situation could further
deteriorate in 1978, if the U. S.
government decides to cut
textile tariffs. A maximum 60
percent reduction is per
missible under law during the
Tokyo Round of Multilateral
Trade Negotiations in Geneva,
Timmerman said.
The ATMI president said
that the industry’s energy out
look in 1978 and future years
is also questionable. “What is
needed is legislation which
would provide a strong
stimulus for domestic produc
tion,” Timmerman said.
He could not predict
whether the industry will face
energy-related employee lay
offs this winter, because he
said “it will again depend
greatly on the winter tempera
ture.”
He added that the long-term
energy situation will be I
“plagued with uncertainties” as J
Caramels, Cookies Are
Good Holiday Treat
Homemade cookies and
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CARAMELS
3 cups sugar
2 cups white corn syrup
4!6 cups cream
3 teaspoons vanilla
Mix sugar, syrup and I'/i
cups cream together until sugar
is dissolved. Boil, stirring
gently to soft ball stage or 234
degrees. Add l'/j cups more
cream. Boil again to 234
degrees. Add another I'/z cups
cream. Boil again to 234
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degrees. Add vanilla (if sugary,
add more cream and boil
again). Pour into a lightly
buttered pan so that mixture is
about %-inches deep. Let stand
tor 12 hours. Cut in squares
and wrap in tin foil or plastic
wrap.
, COOKIES
1 cup shortening
CU P powdered sugar
2 cups flour
1 teaspoon vanilla
1 cup nuts
Cream shortening and sugar
together; then add rest of
ingredients and mix well. Roll
into 1 inch balls. Bake in 325
ftin r h e ni OVe n 25 minutes - While
still hot roll in powdered sugar.