COTTON DOWN.
PASSING OF GREAT BOOM IN LANCASHIRE. Manchester, July 22. There was a further decline in Egyptian cotton prices to-day> and since a week ago values in Liverpool have dropped about Is a pound. The spot quotation in Liverpool yesterday was H%i, as compared with the record figure of o(>d last February. This week's slump is chiefly due to. the Egyptian banks pressing their customers to reduce loans, which has compelled numerous operators in the Alexandria market to sell their cotton. It is also relating to the outlook for next season's crop. Climate conditions are now better, and there is a possibility of an increaso in the acreage of about 10 per cent. Yarn contracts are now running down rather rapidly, and rates for twist and weft are gradually giving way. It is possible to purchase certain yarns at shillings a pound less than earlier in the year. Although the fall in the Egyptian cotton values has not had any particilar effect on prices for other kind of cotton, it is of interest to note that, despite crop advices from the United States being wretched for several weeks, operators have been unable to advance rates, and during the last few days there has been quite an easier movement without any real improvement in the prospects for the new growth. Manchester trading circles hold the opinion that prices throughout the world for ali kinds of commodities are coming down, and during the past week less business has been done on • the Royal Exchange than in any week for twelve months. The boom in the Lancashire cotton industry is quickly passing away. —Daily Express.
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Taranaki Daily News, 28 August 1920, Page 10
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273COTTON DOWN. Taranaki Daily News, 28 August 1920, Page 10
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