WORLD TEXTILES MARKET

Press, Volume XCIX, Issue 29271, 1 August 1960, Page 16

WORLD TEXTILES MARKET

“Unfair Competition” By Japan (N.Z. Press Association— Copyright) LONDON, July 27. Leaders of Britain’s wool textile industry today condemned "unfair competition” by Japan in world textile markets. Mr J. Douglas Hood, chairman of the National Wool and Textile Export Corporation, told a press conference that low-priced Japanese textile products were seriously undermining world trade in woollen goods. Mr Hood attacked the introduction of a system of subsidisation which had resulted in the price level of Japanese wool textile exports being much lower than goods sold on the home market. The deceptive marking of Japanese cloth broke the “international code of fair trading” and tended to "deceive buyers and consumers,” he added. Trading Banks Borrow £2m First borrowing from the Reserve Bank by the trading banks since the July increase in reserve ratios occurred last week. At that date advances by the Reserve Bank, other than those to the State and to marketing organisations, totalled £2m, compared with nil the previous week. Trading banks’ deposits with the bank fell £o.Bm. Sterling and other exchange held by the bank fell £l.lm to £64m. Overseas investments were unchanged. Australia Becoming World Wool Centre (N.Z. Press Association—Copyright) MELBOURNE, July 29. Australia was rapidly becoming the wool centre of the world, the Minister for Primary Industry (Mr Charles Adermann) said yesterday. He was presenting the national award in the Australian Wool Bureau’s 1959-60 fleece display competition. Mr Adermann said that not only was Australia the most important producer of the best raw material, but was also leader in research and promotion. “We must find more outlets for processed and semi-processed wool overseas, especially in those Asian countries whose wool textile industries are not highly developed,” said Mr Adermann. COLOMBO TEA SALES (N.Z. Press Association—Copyright) COLOMBO, July 25. Ceylon tea sales offerings totalled 7,579,997 pounds according to the official report. There was a strong general demand. A limited selection of best liquoring Dimbula-Dickoya brokens were about 10 to 15 cents a pound dearer while other sorts were irregular. Useful liquoring medium brokens were five to eight cents a pound dearer. All uva teas were in strong demand at dearer rates following improvements in quality, particularly B.OP. farmings. Well made black leaf lbw grown teas sold well at firm to dearer rates, but “tea for price” was slightly lower. Quotations:— High-grown broken orange pekoe, 295 cents per lb; good medium broken orange pekoe, 225; medium liquoring broken orange pekoe, 200; medium liquoring broken pekoe, 155; medium liquoring pekoe fannings, 258; medium liquoring orange pekoe, 198; low medium broken orange pekoe, 178; low medium pekoe fannings, 200; low medium orange pekoe, 188; low medium pekoe, 185; medium pekoe, 198; good pekoe, 250.