AMERICAN TRADE SITUATION.

Hokitika Guardian, 12 January 1921, Page 1

AMERICAN TRADE SITUATION.

MAD EXTRAVAGANCE OVER

LONDON, November 18

The Now York correspondent of “Hie Times” foreshadows what must inevitably lie the sequel to high prices and high wages.

“Astonishing facts illustrative of the pitch to which things have arrived are reported daily in the newspapers, cits the writer. “For instance 12,000 men employed in the building trade at Baltimore refused to claim an increase in their wages from 4s fidto os an bom, which was promised them last spring by their employers. They are quoted as saying that, as prices seem to be falling and steady work is ensured them at existing wages, they have decided to be satisfied with what they have. One swallow does not make a summer, but the growth if unemployment in evei\ part of the United States is undoubtodlv having its effect on tho dispositions of portion of the working classes. “The era of mail extravagance is definitely over. The silk-shirtod working man is disappearing, and the cheap jewels which he purchased in the heyday of war prosperity are slowly finding their way into the pawnbroker’s windows. The (limnishing buying capacity of the public has created a growing disinclination to acquire goods at absurd prices. For months past Americans have been reducing their purchases of clothing, other than necessary articles, to the lowest possible limit. Ihi result of this consumers’ strike is now visible in the advertisements pubiismd nv practically every large store in New York and elswhere announcing liargains and 25 per cent, ‘cuts’ in prices. Wholesale prices began slipping down last spring. Retailors then ceased buying, but they did not themselves, except temporarily, reduce prices to »Uc public. Now they are obliged to realise on their stocks.

-This necessity lias produced a curious econmic phenomenon. T met, for instance, a young bank clerk the other day who wps trying to find among Ins friends anil acquaintances custo’mers for thousands of suits of clothing. In other words, banks which have accepted commodities as security for loans are now finding themselves compelled to market these commodities themselves. Due hears of confectioners being solicited bv banks to buy butter at below market prices, and other banks sell Mat wool, elotiling, and si gar dim-tly to the consumer. The example ol " hanks is being followed by manufa'turers, who, having suffered numerous cancellations of orders are opening rooms in their factories and offering goods directly to the public.

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