Trade Slackening.

Hawke's Bay Tribune, Volume X, Issue 177, 12 July 1920, Page 5

Trade Slackening.

BUYERS GO CANNILY. PRICES FINDING THEIR LEVEL. WORLD STILL SHORT OF GOODS. (By Cable—Press Association.—Copyright.] (Received 12, 8.5 a.m.) Jjondon, July 10. Though, the Board of Trade returns for June are less favourable than May totals, the half year’s figures are quoted to show progress made in restoring trade balance, but tl* question is asked if progress is rapid enough. An outstanding feature is the continued slackening off in new business. This applies in varying degrees in Manchester. Bradford, Birmingham, Sheffield. Nottingham, and Middlesborough. Buyers are satisfying merely immediate requirements, believing that prices have not yet reached the bottom. A more serious feature is the further cancellations of Chinese and Indian orders, through depreciation of silver currencies, affecting, especially, the Lancashire piece goods trade. Extravagant purchasing by mills in the booiti period aggravates the situation in Lancashire, but authorities there, as in other industries, assert that a slump in an ordinary sense is impossible, owing to high cost of raw material and labour, also the practical absence o! manufacturers stocks. There has been no over-production and it is contended the world's demands are far from satisfied. A revival is not anticipated before the autumn, if industrial troubles, notably, among wool operatives and miners, is averted. FREIGHTS GO DOWNWARD. Tramp steamer freights continue downward. An important factor is the United States’ einuargo on coal exports affecting immediately five hundred vessels. Time charters declined about fifteen per cent, in three weeks. Almost the only bright spot in freights is an inquiry 7 for coal tonnage iron Newcastle. New South Wales, at 145.'to the Mediterranean, and 170/- to 175/- to Scandinavia. Shipowners and shipbuilders are alarmed at the heavy increase in cost of new tonnage, also the effect of the Genoa Conference de>cision. It is reported that many orders have been cancelled. MANUFACTURERS BIG DROP IN JUNE. A newspaper economist says a monthly index figures of wholesale prices for June.. show the Inrgest tali for anv month for some years, especially in textiles, but cereals and meat reached record high figures. A feature of the produce markets w the last fortnight was slackness in fibres, except flax, and the stagnation in tallow. It is said m trade circles be almost unprecedented. THE METAL TRADE. Hie nonferrous metal trade believer prices are finding a sounder basis, owing to the elimination of the speculative elfment and the transference oi metal to stronger hands. At the saintime fluctuations have caused buyers u remain cautious. The "Metal Bulletin” considers the worst stage oi deflation has (Kissed .though the time 1:not ripe for a sustained upward move. MEAT. Dailv -supplies of English meat a> Smithfield continue large and prices are no little above control level, ant. there is a corresponding shrinkage i) tlie consumption oi imported meat.— (A. and N.Z.) AMERICAN MILLS CLOSE. LACK OF ORDERS FOR WOOLLENS. New York, July 9. A message from Lawrence, Massachusetts, states that four mills of the American Woollen Company; have been shut for an indefinite period because of the lack of Oidersß Fourteen thousand employees are out of work. The company’s other mil's will also close shortly.- -( A. and N.Z.)