THE COTTON MARKET

Otago Witness, Issue 2604, 10 February 1904, Page 21

THE COTTON MARKET

PROPOSAL TO RAISE COTTON IN*

QUEENSLAND.

A RECORD DECLINE IN PRICE.

NEW YORK, February 3.

The local cotton market is convulsed, losing 7.50d0l per bale. A report that Mr Sully, the chief •' bull," had sold the bulk of b"is interest and was going on a holiday produced an avalanche of selling orders, and sudden drops occurred', the decline at one moment totalling 138 points. Mr Solly's influence recovered 1 one-half of the drop, but prices again fell and fluctuated. The total transactions covered 2,000,000 bales. February 5.

Another serious decline occurred in cotton on the New York and New Orleans Exchanges.

On the New York cotton market there was a record fall of 120 points in two hours. Mr Sully has apparently abandoned the effort to stem the decline, which since Monday averages 16dol per bale. The decline is reflected in the Liverpool market.

BRISBANE, February 3. The representative of the British

Cottongrowers' Association has arrived. He submitted proposals to the Premier and the Minister of Agriculture for the cultivation of cotton in Queensland, an<J explained that the Manchester cotton manufacturers found themselves faced by a critical position in the diminishing supply of cotton year by year. New areas of cultivation were absoluely necessary, so that the cotton trade of the world be made no longer dependent on the American crop, which was being more and more absorbed by American manufacturers.

February 7.

The British"' Cotton Association intends to assist cor ton-growers by guaranteeing them a fixed minimum price for a term of years. Millions of acres in Queensland are said to be suitable for cottongrowing, also large areas in the northern territory of "Westralia.

A New Toik cable in the London. News dated December 23 cays : — "At middaj January was celling at 13 45, Mai eh at 13.69, and May at 13.80. These are. the highest prices recorded for 40 years. The advanea brought about realisation^, winch increased during the afternoon until tho la-t hour of tho session, when the- bulls withdrew thensupport and prices broke from three to five points between rales under a perfect avalanche of liquidation?. The closing was easy, prices boing at about last night's rates."

Experiments in growing co'ton have boon mads in UgaitU. Colonel Hayes S idler, in liis annual report on the Protectorate, say? : — "We have tried ?c\r.ral experiments with cotton at EntcbiSe. A plantation has lately been 'aid out at Kampala, and soeda have been sent to -ot'ier parts of tho- Protectorate-. Cotton can h? grovi n vcty successfully; the only difficvlty is in the reaping The vet and dry soasoiis are by no i" pans \.oll defined, and ram at the time cf picking is more or less dctiimental to thft crop. Experiment^ nre shortly to ha tried v ith the. Egyptian s^cd, of wnieh. wo are expecting a consignment of several hundredweights. Cotton growa in tho Botanical Gardens lia« been <• alucd in London nt^Jd r^r lb; indigenous cotton fetches 2M n.M 11). If vo can s;et tho natnes to (>i'n\r_t- ,n ■ '- _- c^l^ t h ci . o 13 no rca . "~ } ' ( ' ' ' ' r iM ' ■'•iM not, meet its own V' v ' 7°^'," P c ltol1 ' " nd e\oi.tiulh bok '<■■>- SUUD.LK -M-U!f.lir>jjloJt."