BRITISH COTTON BOOM.
HIGH PRICES FOR MILLS.
LARGE TRUSTS OPERATING.
SPECULATIVE FINANCE.
By Telegraph— —Copyrieht.
(Keceived 11 p.m.)
A. and N.Z
LONDON, Sept. 4.
Many cotton mills have been sold in Lancashire during the past month. This marks the opening of a new period of speculative finance in an industry, the capital of which has hitherto been mainly held locally. The Amalgamated Cotton Mill Trust, which is allied with the Dunlop Rubber Company, alone has bought twenty mills in the Oldham district, involving 2,800,000 spindles and £3,000,000. Other trusts are buying mills on a vast scale, paying in some instances £195 for £-40 shares. Companies are being refloated with a greatly increased capital. Speculators are gambling on another three or four years of abnormal profits, coupled with decreased production owing to reduction of working hours. There is no likelihood that new mills will he built owing to the high cost of building and machinery. The world's demand for cotton is such that foreign competition is not felt.
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Bibliographic details
New Zealand Herald, Volume LVI, Issue 17257, 5 September 1919, Page 7
Word Count
167BRITISH COTTON BOOM. New Zealand Herald, Volume LVI, Issue 17257, 5 September 1919, Page 7
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