GENERAL CABLES

Hokitika Guardian, 27 January 1930, Page 5

GENERAL CABLES

WOOL SLUMP [United Press Association—By Electric Telegraph.—Copyright.] (Received this day at 9.40 a.m.) LONDON, Jan. 26. Owing to the wool slump there is a growing minority opinion in Bradford that overseas growers and selling brokers should withdraw a large portion of the offerings. One Bradford firm headed by an Australian, familiar with the situation at both ends, asserts a large section of traders would approve of the action. It points out when* Australian wool growers and selling brokers decided in October to reduce the offerings by one third, prices improved, though there was a modification of the reduction to one firth. The feeling that withdrawn wools might be thrown on the market again created uncertainty and caused prices to slip again. A large volume of business would result if the decline stopped. Tlie firm quoted thinks a lead should come from the sellers by reducing tlie offerings by one third, holding off such one third from the markets indefinitely, until a demand was manifested.

WABASH FLOODS. NEW YORK, Jan. 26. A report from Indianapolis states that the historic Wabash Valley is suffering from floods which compelled many farmers to reside in the upper storeys of their homes. Four to five feet of water is submerging vast areas. SHIPBUILDING. LONDON, Jan. 25. I.iard Kylsaait explains the White Star some time ago decided to- temporarily stop work on the Oceanic and build two motor ships instead. Tie first- of these, the biggest British motor ship, is already afloat, named the Britannic. The building of the second is proceeding. Lord Kyslant adds: Any other rumours concerning the Company are quite untrue