LANCASHIRE HARD HIT.
DROP IN COTTON TRICE.
HEAVY LOSS ON STOCKS.
LARGE CROPS IN AMERICA. SURPLUS FROM LAST YEAR. By Telearraph—Press Association—Copyright. (Received August .12, 9.45 p.m.) British Wireless RUGBY, August 11. Heavy losses were inflicted on the. cotton trade in Lancashire owing to the drop in the price of raw cotton yesterday to a general level of 3.64 d per lb., which is the lowest recorded figure for 31 years. The drop is the sequel to the surprisingly high estimate of the American cotton crop. In addition to. tho season's crop, which is expected lo yield 15,000,000 bales, there are 9,C00.000 bales from the previous crops in stock in tho United States and elsewhere.
The stocks of raw cotton held in England arc estimated at almost 3,000.003 bales, upon which the drop in va'ue amounts in (lie aggregato to about £1,500,000.
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Bibliographic details
New Zealand Herald, Volume LXVIII, Issue 20950, 13 August 1931, Page 11
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142LANCASHIRE HARD HIT. New Zealand Herald, Volume LXVIII, Issue 20950, 13 August 1931, Page 11
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