ECSC financial report for the year 1965

Abstract

The Eleventh Financial Report of the High Authority of the European Coal and Steel Community relates to the calendar year 1965, the thirteenth year of E.C.S.C.'s financial operations. Capital expenditures in the Community's coal and iron and steel industries in 1965 can as yet only be estimated on the basis of the forecasts submitted by the enterprises to the High Authority at the beginning of the year and its projects which they subsequently announced to the High Authority. These estimates indicate that capital expenditure in the coal and iron-ore sectors, which had dropped between 1961 and 1964 from 380 to 294 million and from 52 to 24 million units of account, respectively, the lowest amounts since the Community's inception, stabilized in 1965 at or just above the 1964 level. In the iron and steel industry 1960-63 had been years of extremely vigorous investment activity despite a rather poor business climate, but in 1964 a downturn occurred, which it is believed became even more pronounced in 1965. · Overall, capital expenditures in the E.C.S.C. industries probably amounted in 1965 to about 1,400 millions units of account, as compared to 1,600 mil-lion in 1964.