TRADE NOTES.

Taranaki Daily News, 3 June 1921, Page 7

TRADE NOTES.

PROBABLE FALL IN SOME LINES. OVERSEAS TRADE IN LEATHER. .(Wellington Post’s Correspondent.) London, March 24. It is anticipated that there will be an expansion of colonial and overseas trade in leather goods during the coming months. There is an increasing demand for boots and shoes, and, although labor is still costly, the prices of materials have declined. On balance, therefore, the production costs are lower than have been experienced for a long period. Last year Germany, the Netherlands, Italy, and the Dominions and Colonies bought from Great Britain in greater quantities ihan in 191 ), the chief reason being that high-class British boots and shoes still compete favorably, as regards finish, with the products of the Dominions and overseas countries. In 1920 Britain exported more than 1,000,000 dozen pairs, valued at over £8,000,000, which is almost double the value of boot and shoe exports in 1919, and also in 1913. British-made harness is also being exported in slightly increasing quantities to the United States, South Africa, the East Indies, New Zealand, and Central and South America, though last year the demand from Europe and Australia fell off.

LORD LEVERHULME ON “GOLDEN EGGS.” Lord Leverhulme appeared before the National Free Church Assembly and gave a practical address on Capital. His explanation of the present state of unemployment was that it was the result of lack of confidence, of the destruction of credit. “There is some idea that a speedy way out of the difficulties of war indebtedness would be by the confiscation of wealth. That would be killing the goose that lays the golden eggs. But I would also like to point out to the Chancellor of the Exchequer that if the golden eggs that the goose lays, are entirely taken away the goose’s ability to hatch out further undertakings is stopped. Between killing the goose and taking away the whole of the eggs there is very little to choose. The taxes are not spent as new capital is applied in increasing productive industry.” The eggs have been paid out in- unemployment relief.

CHEAPER COTTON GOODS. The action of a leading firm In the cotton trade like Horrockses, Crewdson, and Co., in issuing a revised price-list showing a reduction of 30 to 35 per cent, in some principal lines of goods, is regarded by competitors and the trade generally as another attempt to get business going. “It is certainly a most significant reduction” is the comment of one large firm outside the amalgamation to which Horrockses, Crewdson, and Co. now belong, “but it can hardly be regarded as a prelude to a more general movement in the same direction, for very many other firms have done so much already.” Some ’of the figures in the old and the new lists sent out by Horrockses are: Longcloth, 36in, November last W 2 d per yard, to-day 13|d; Madapolam cambric, respectively 23d per yard and 14d; colored cambric, 30|d per yard and 21±d; sheeting, 72in, 56|d per yard and

HOME-GROWN SUGAR. The Ministry of Agriculture states that Home-grown Sugar, Ltd., the company in which the Government owns half the share capital, has closed its list of contracts with farmers who have agreed to grow sugar beet during the present year. The capacity of the factory is 60,000 tons of beet, or 600 tons per day for 100 diiys; but, acting on the advice* of their French specialists, the management have limited the tonnage for the first year to 20,000, so as not to* overload th? factory at a time when the machinery is new and the English staff to be employed is being trained? There are, it is stated, 425 farmers with an average of 5£ acres under cultivation, and 20,000 tons are expected from the 2365 acres contracted for. It now appears certain that the factory will be ready by the, autumn.

BRITISH SILK. Sir Frank Warner, presiding over a dinner of the Silk Association of Great Britain and Ireland, made an informing statement about the condition of the silk industry in these islands. Seven years ago, he said, the trade was struggling for a living. In the war it almost ■ collapsed. About a year ago it touched the peak. of prosperity. Since then its fall has been rapid and serious. Owing to the fact that trade is bad all over the world, the industry is only working half time. Happily there are some signs of a revival. The buyer is beginning to nibble again. The difficulty is that England is the only market in which foreign producers can unload their goods. Some relief must be found to prevent our market being flooded to such an extent that we cannot keep our own looms working. “But, in spite of all,” said Sir Frank, “I believe the British silk industry, the' best in the world, will not perish.”

THEATRE SLUMP. Widespread unemployment and distress among stage folk exist in London and the provinces. It is estimated that there are over 2600 chorus-girls and “small-part” actresses out of work, and it is feared that unless conditions improve many producers will have to go out of business. Mr. Oscar Asche, speaking on this question, said: “Altrough the situation is gloomy now, I think conditions ought to improve after Easter, when visitors begin arriving in London. We had slumps before the ■war that were just as bad. The difference is, however, that salaries and expenses have gone up enormously. I think they will have to come down again.” With regard to a report that many London theatres may be trans-t formed into super-cinemas, Mr. Asche said he thought this was unlikely, as there was just as big a slump in the cinema world.

UNSALEABLE HAVANA CIGARS. Delegates representing retail tobacconists throughout the country have arrived in London to interview members of Parliament regarding the severe loss of trade due to the imposition last year of a. 50 per cent, ad valorem duty on Havana cigars. It appears that in the last six months of 1920 only. 2,000,000 cigars were imported from Hayapa,

against 46,000,000 in the corresponding period of 1919. In 1914 the duty on Havana cigars was 7s per lb; by 1919 the duty had been raised to 15s 7d, and with the 50 per cent, ad valorem duty added last year, it means that when a man smokes an Havana cigar, 90 per cent, of the revenue from that cigar is going to the Exchequer. At a conference of the delegates it was pointed out that in the present year the Customs receipts from Havana cigars would not be half of what they were last year—only some £300,000 compared with over £BOO,OOO. The retailers also had lost £500,000 profit on the sale of cigars, and the State had lost income-tax on that sum. Forty million cigars, representing £1,000,000 in duty, were in bond, and retailers had at least another 2,000,000 on their shelves on which they could not realise.