COTTON CROP SHORT

Nelson Evening Mail, Volume L, Issue 175, 24 October 1917, Page 6

COTTON CROP SHORT

GLOOMY PROSPECTS .AT HOME

"News of the cotton and wool markets at Home by recent mails is interesting, but hardly exhilarating," said wholelsale soft goods importer recently to a pressman, as he handed over a couple of recent letters trom the firm's London buyer.

A letter dated July 10 last states : "The total stocks in this country are 75 per cent, below last year's stocks, and last year's stocks were considered to be considerably below pre-war stocks. The American Government some time ago commandeered one million bales. This will give you some idea of the shortage which will naturally arise. You will therefore, see how this is going to considerably effect the prices. A new control board has been fixed for dealing with this matter, and the idea is as much as possible to allot the various manufacturers, a certain proportion of what their purchasers were in pre-war days. Of course, what .the proportion will be is according to the raw cotton coming into this country. In conservation with several manufacturers, they look at it in a very gloomy fashion, and they say that if they get a third of their usual requirements, it is about as much as they will get. Another scheme which we think this board will also put into work will be the shortening of labour, as already m Cue Bradford district men only work five days per week and get paid for six days. We think that some arrangement similar to this will take place, and this ,of course, you can well understand, will mean considerably increased cost. Even if the war were over, goods would not be cheaper for some considerable time to come."

The same writer, under date August 8, says:—"As advised in last mail, the writer has been down to Leicester. Things are very acute, and hosiery is now one of the worst departments to buy for. Since the writer was down there, which was only a month ago, prices have advanced 30 "per cent., and -syoollen hosiery is now practically unprocurable, except at exorbitant prices. There is no doubt that we have come to the most difficult period ,and should the war last for any great length of time we have no doubt that there will be v'ery few grades of woollen hosiery made although .the Government War Trade Department has issued us certificates, so that we can place orders, and the manufacturers are able to present our certificates to the spinner to get the necessary yarn, but owing to the' pre-sent-day requirements ot the Government alone their needs are consuming all the wool that we have, and that although the manufacturers have our certificates these are of very little use to them. Of course, we all know that the Government requirements are the most important, and until it is cased down, which is not likely to be this side of the end of the war, spinners will have considerable more difficulties. The lines of black cashmere hose which we last bought, and then at a considerable advance, at 15s lid and 16s sd, is 21s 6d to-day. and even this price is not firm or delivery certain. As a, matter, of fact, very few manufacturers will now accept firm orders, because they'have no idea of whether they will !>e able to get the yam to fulfil the various- orders.

'TLe cotton market, although at present not in quite' so bad a position a* the wool market, is now getting very, acute. The anticipated crop for next year is twelve million bales, and this is not nearly sufficient for the world's demands. America last year used seven million bales, and has put her requirements down this year at eight million bales. This country alone requires six million bales, and other markets are using more cotton, so that pi'ices are likely to go very high as the demand considerably' exceeds the supply. As a matter of fact, 40 per cent, of the mills are closing down, and weavers and spinners who hitherto have been considered a reserved occupation, are now having to join up. There is not the slightest doubt that there- will not be any cotton available for ordinary consumption."