PRICE OF COTTON

Evening Post, Volume CV, Issue 107, 7 May 1923, Page 7

PRICE OF COTTON

'A FALLING MARKET.

(AUSTRALIAN - BW ZBALAND CABLE ASSOCIATION.)

• - (UNITED PRISS ASSOCIATION COMRIQHI.) LONDON,. sth, May. The Liverpool quotation for American middling upland cotton, • June delivery, is 13.77 d per Ib. , .

■The fluctuations in the Liverpool price of American midland upland cotton* taken as the basis description have been: violent of late, but are now all downwards. At the end of March last the price was 16.08 d per pound, as compared with 9.7pd for the corresponding period of 1922, and 6.67 d for thai.jof 1921. On 7th March, 1923, the price opened at 16.80 d, falling to 16d before the month was out.' The variation for April, as cabled, ha.ye been as f0110w:—15.27d; 14.94 d, 13.77 d. Eeporting New York; Ist April, the National Bank,of Commerce, New York, described the "world's stocks, of cotton 'as low, especially ■in view of the poor outlook for i large American crop this year; but it, is to be recognised that high-pric.es and political difficulties are curtailing the , demand outside the United States, and that stocks in this country'are above the pre-. war level at this time of year." Messrs. Brown and Pureau, Wellington, are advised by Messrs. John Dunn, Son, and Co., New York, 3rd April, as follows:— "Speculations in cotton futures has been active-of late; fluctuations in quotations for all options have been sharp,, with a distinctly downward tendency. , While there have been no developments of importance it would seem as though the present high level of values is; being maintained with some difficulty. Planting, is jußt beginning and weather conditions have been such that this, is making slow progress and a backward start, is likely. The unusually cold weather, however, i 3 rather well regarded as it tends to curtail the. propagation of the boll vveavil. Closing prices, for middlinguplands f.o.b. New Orleans were as follows :—Spot, 28£ cents (14£ d).; May delivery, 28 cents (14d); July -delivery 27J cents (13$ d); October delivery 24£ cents (12* d).- - .