Also writing in the same survey, the Donn correspondent of the Financial Times had this to say about the trends of profits in West Gornany: "...profits appear to be on the increase since the summer, except in certain depressed industries such as steel and shipbuilding.
"The reversal in the trend of profits has been due in no small measure to a more restrained attitude on the part of the trade unions. Wage demands have been more moderate during 1963 than in some recent yearssessethis rolative moderation in union domands took effect at a time when over~full employment remained the order of the day. Though 800,000 Italians, Greeks, Spaniards and others were at work in Germany this year, tho number of registered vacancies at all times of the year was a multiple of the figure of unemployed.
"There is some assurance that the pressure of wages on costs will renain under control in °.1964, because the trade unions have in many cases agreed to enter into wage contracts valid for longer than one year, For instance, the Metalworkers Union, the largest in the country, eseotas signed up until the autumn of 1964."