RECORD LOW PRICES

Hokitika Guardian, 12 August 1931, Page 6

RECORD LOW PRICES

FOR U.S.A. COTTON

[United Press Association—By Electric Telegraph—Copyright. ]

NEW YORK, August 10

The U.S.A. Department of Agriculture has issued discouraging crop estimates which enveloped the financial community gloom to-day, and the commodity markets consequently suffered their heaviest decline for many

years. One of the most drastic breaks in the history of cotton, has occurred as the result of Government cotton estimate, cabled on August 9th. Cotton for 'October delivery was sold to-rlay at six point seven cents per pound, a net decline of 142 points per pound. This is the lowest cotton price since 1896.

•Prices of other cotton futures dropped to-day as much as seven point live per pound.

The Government’s general co-op. report was issued to-day, after the close of the markets. Tit estimated that 1931 maize yield at 2,775,310 thousand bushels, which is 681,310 thousand over the 1930 crop.

The wheat crop is estimated at 893,582 thousand bushels, an increase of thirty-one million bushels. The, winter wheat crop is estimated at 775 'bullion bushels, an increase of 163 million bushels.

The Durum wheat is estimated at 23 million, a decrease of 34“ million bushels. Other spring wheat is estimated at 96 million bushels., a decrease of 109 millions.

The 'Stock 'Market, after a Brief show of weakness, sympathising with the break in cotton, closed firm. t Crude rubber (for August contracts) dropped to five cents per pound. This is the lowest level in the. whole history of the rubber industry.