RUSH TO CUT PRICES.

Taranaki Daily News, 4 December 1920, Page 8

RUSH TO CUT PRICES.

AMERICAN TRADE CRISIS. Dunedin, Wednesday. A Dunedin business man, now in America, writes from New York as follows: "Business is worse than before. One sugar refining company is faced with a loss of £10,000,000. A large firm of meat packers is trying to borrow £9,UDO.OOO, and a larpe Japane?? firm is holding up payments on the smallest accounts. The trouble is especially severe in California, where the firms are frightened to write their stocks down, and so ascertain their present position. A leading firm of motor manufacturers reduced their cars about 145 dollars. All manufacturers are fighting to make the greatest reductions. One make of motorear has come down 1450 dollars. Rice, cocoa, coffee, sugar, rubber, oils, food, boots, clothing, building material, etc., are all falling, and owners of stocks are having a bad time. Thousands of people are being thrown out of work. One car factory is employing 2000 men three days a week, instead of over 14,000 at full time."