COMMERCIAL.

Grey River Argus, 11 February 1929, Page 5

COMMERCIAL.

LOANS CALLED IN. NEW YORK SHARE SLUMP. (Australian & N.Z. Cable Assn.) NEW YORK, February 10. As the result of calling in some forty million dollars in loans by the banks, the call on the money market has advanced from six to nine per cent, during the day. This induced heavy selling on the Stock Exchange, and the market suffered several sharp breaks, with a recovery towards the c ose, the stocks ending well below yesterday ? s closing prices, and in many cases near the near’s low level. There were losses up. to above eight points £n individual 4toctys. The trading was approximately 4,500,000 shares.

U.S.A. TARIFF. High Wool Duty. L — RIVAL VIEWS WASHINGTON, Feb 8. The representative of th; Clothing Manufacturers’ Research Board appearing before the Tariff Commission, said that the tariff duties un wool and woollens are "pyramided," and add four dollars to the price of the average man's suit. He said the price of clothing was approximately twice the average price chargf d before the war. The tariff was the second of the factors responsible for this, the increased labour ccpt being the first. He added:—“Th prices account for much of the deplorable conditions in the woollen manufacturing indus try, and chiefly for the drop in wool consumption from 681 million pounds in 1922 to 538 million pounds in 1928.” He asked that that wool duties be left as they are. TH- representative of the National Grange, a leading farm organisation, asked that the .wool duties be based on 38 cents per pound for scoured clothing wool of good grade.