OVERSEAS HIDE MARKET.

Auckland Star, Volume LIX, Issue 30, 6 February 1928, Page 4

OVERSEAS HIDE MARKET.

DECLINE IN PRICES

Cable advice received to-day by an Auckland house regarding the hide market in America is to the effect that following upon the recent sharp advance in prices, a drop has now taken place. This confirms previous notifications that the recent advances could not be maintained.

The full extent of the oversea decline in the hide market is given at l%d per lb. ,ts two weeks ago the rate had eased %d per lb. The Sydney hide auctions recorded successive declines during the past three weeks, ranging from l&d to 2%d per lb.

A fall in price was to be expected, as hides in New Zealand and elsewhere had just about doubled in price during the past nine months. The present weakness is due to the fact that the oversea tannery have not been successful in securing from shoe factories an advance on the leather, enough to cover the higher cost of hides. One big tanning firm in the United States recently advised, that while there is a shortage of hides, there is as yet no shortage of shoes. While manufacturers overseas ara still cutting each other's throats to effect sales of shoes, the full rise in the price of hides cannot be got by the tanners. One big tanning firm overseas recently cabled the opinion that the decline in the price of certain grades of skins will yet be much heavier.