THE SILK MARKET.

Hokitika Guardian, 18 October 1923, Page 4

THE SILK MARKET.

POSITION I'XC'EftTAIN. AITKI.ANI), October 15. Am kland has not vet Celt th,, eflVct "1 the Japanese disaster on the sill; irude, and in tlie* opinion <;t a leading importer will not experience any short-Hi-'e in this commodity Cor some time. At the time of tli ( > disaster the hulk nt the supplies needed [or the season just commencing were either in the' country or acre on the water, so that existing stneks ar,. not expected to run out in the immediate future. The disaster, as it allot tod the silk trade in I the l idled State.-, which holds 85 per. cent, of the .silk stocks of the world, is referred to in communications received by an Auckland firm from its New 1 York agents. Writing soon alter the news of the 1 disaster reached America, the agents 1 stated that the raw silk market was ; confused and excited. .Many of 11 to 1 leading New York houses had .■ ilk- ■ drawn their offerings, and .such supolies ; of Japanese silk ns could be picked up - commanded about 10 dollars per lb., c which represented an advance of about lj two to two and a-half dollars per lb. This thru re, wrote tlie agents, meiely fi gave an idea <)f the market, which t could not he considered established on s the new level. They could foresee the h time, in view of th £ . news from Japan, t when American inaiuifaeturers would 11 be in markets which were New Zea- V land’s present sources of supply, and i; would upset, them considerably. as 4 they did with wool during the war I and post-war periods. Everyone. the e letter continued, was busy trying to -T cheek up on stocks of silk, but no nc- t< curate estimate was at present forth- T! coming. It was thought there might si he tour or five weeks’ supply ill America. ill Explaining the attitude of his house cl ill withdrawing its offerings until the Y extent of the disaster in Japan could g< be learned, the New York head of one sl if the large American importing houses, t< stated that all would depend on the t,: condition of the silk growing regions. ■Even though the stocks lost in Yoko- Ti hama should lie relatively small, it ai might be that cocoons and filatures in the interior had been destroyed. In £• which case the situation would be far - more serious. lie Another letter from the New York lit agents, read as follows: “Whatever to the information that comes from lagan during the next week or so, it is certain that nil hosiery will increase in * price, and that artificial silk hosiery • will rise with its more aristocratic sis-