Kureha Spinning in 1966. Before that merger Nichibo was the largest of the Japanese spinners, controlling 700,000 spindles, but the Toyobo group subsequently operated more than a million spindles.
According to reports from Tokyo the new consolidated Nitiray- Nichibo organisation will have a total work-force of 22,000 which com pares with Toyobo's 29,000 and Toyo Rayon with 20,000. On a sales basis Toyo Rayon, the largest man-made fibre producer, achieved a turnover of 240,000 million yen last year compared with Toyobo's 162,000 million yen, mainly in natural fibre textile manufacturing. Combined sales of the two firms about to merge grossed about 166,000 million yen in 1968.
As is usual in such circumstances, the leaders of both firms indicate that their motivation in joining forces has been the pooling of financial, managerial and engineering resources, as well as the need to meet intensifying competition at home and abroad.
THE MARKETS.
Only limited dealings continued in the raw cotton market without the stimulus of much extra demand. At the same time customers were still looking around for suitable qualities and actual supplies moved steadily into consumption. The Liverpool c.i.f. price index incorporating a variety of growths continued to move upwards with a rise from 28.45 cents to 28.60 cents on the week. Imports of raw cotton into Liverpool last week totalled 19,754 bales, the quantity afloat being 59,134 bales.
Many of the recent influences were again evident in keeping business in the Manchester yarn and cloth market on a narrow basis. Outside developments had only a minor impact on the situation, but the continuing uncertainty arising from so many outstanding problems was a deterrent to free trading. In particular, the imports issue remained a matter for much conjecture and although arrivals so far this year have been smaller, their effect on the market is still considerable.
Lack of enterprise among customers was largely attributable to the slow movement of goods through distributive channels. Despite later indications of changes for the better buyers were not in the mood to anticipate their needs. Machine activity was maintained and moderate replenishment interest was shown in regular home trade constructions but sales were only irregular. In the spinning branch users gave most of their attention to special types for the Midlands.
American type.
6s ring tube
16s #1
11
• •
24s 11
11
32s
#1
!!
•
36s combed ring tube 16s ring beams
•
20s 11
• •
32s
!1
MAT
YARN QUOTATIONS.
This Week.
Week Ago. Year Ago.
43.50
43.50
•
50.00
50.00
53.50
58.50
58.50
56.00
61.00
61.00
59.00
• •
76.50
76.50
56.50
56.50
57.25
65.00
65.00
64.50
+
69.75
69.75
69.25
Sudan type.
54s carded ring tube
85.00
85.00
58s combed
11
98.50
98.50
38s combed hosiery (cone)
80.00
80.00
1 1 1