WRITING DOWN

Evening Post, Volume CIII, Issue 141, 17 June 1922, Page 5

WRITING DOWN

DRASTIC TRADE PROCESS

IMPORTERS SEVERELY HANDLED

POSITION GETTING EASIER,

(DOTTED PRISS ASSOCIATIOH.—COPTMBHI.) (Received June 17, 11.30 a.m.)

SYDNEY, This Day.

The Daily Telegraph states: "Never in the history of Australian trade has there been such a writing-down of stock ajid assets in company balance-sheets as in the past eighteen months. Some companies have acted under pressure, others voluntarily. The aggregate runs into hundreds of- thousands of pounds. Few houses have escaped, but those which handle soft goods, drapery, hardware, rubber, oi), paper, motor-cars, jam, and Island produce are most vitally affected. Some items of stock have been reduced ■by from 30 to iO per cent. The opinion is held amongst financiers that the worst •phase of deflation has been definitelypassed, and bankers are much easier in their minds regarding the commercial outlook than when the goods were coming in at relatively very high prices, and the flow could not be checked. Orders had been placed abroad, and the exporters insisted on filling them, so that the importation of dearly-bought goods had to be borne for some tinie afteo.1 the steep descent of prices had set in."