4
Under pres-
leads to serious difficulties if markets are not assured. ent circumstances only the strongest market links can justify substantial new investment in any sector of the industry.
International Costs.
The new volume also includes an international comparison of costs of textile production. An examination of comparative labour costs and productivity in spinning shows that despite higher productivity in the United States the difference in productivity rate is not sufficient to offset the lower wage rates per hour in other countries. As a result, American labour costs per lb. are higher than for all the other countries studied.
To achieve parity of labour costs per lb. on 20's cotton yarn with Hong Kong or Japan the typical American mill would almost have to double its productivity per operator hour; the equipment, says the report, is just not developed yet to allow this. If European mills could achieve American productivity levels with current European wage rates they would be competitive with the Asian countries in respect of labour costs. But during the time Europe was increasing its productivity the Asian countries would also be increasing theirs, leaving the difference as at present.
There are large sectors of the trade in all countries (except Hong Hong Kong) which are not competitive domestically, the report adās. "Their voices are heard and because of their numbers their condition is taken as typical. There are, however, among the really viable portion of the industry, certain companies in most countries making money in cotton textiles."
THE MARKETS.
Interest in actual cotton remained quiet although some forward buying developed in certain special varieties. Deliveries were well taken up but lack of enterprise was again evident among operators. Further nervousness on the London futures market reduced values, particularly in distant positions, The Liverpool c.i.f. index was unchanged at 27.40 cents. Imports of raw cotton into Liverpool last week totalled 21,460 bales, the quantity afloat being 46,020 bales.
T
Trading in the Manchester yarn and cloth market was not brisk nor is it normally expected to be at this time of the year. Discussion again centred on import regulation prospects as well as the constant speculation about fresh structural changes.
Not more than narrow buying was carried out in regular home trade goods although some industrial support was recorded. The general attitude of customers was to watch their liquidity position and the offtake did not reach more than moderate proportions.
American type.
6s ring tube
16s
1!
24s
21
It
32s
11
YARN QUOTATIONS.
This Week. d.
a.
Week Ago. Year Ago.
a.
45.00
45.00
44.00
Q
52.50
52.50
50.00
59.00
58.50
58.00
* •
•
→
*
61.50
61.50
58.75
•
•
• Q
77.00
77.00
76.25
•
• A
.
▸
57.00
58.50
54.00
•
D
A :
64.00
67,00
62.75
→
70.50
70.50
66.25
87.00
D
86.50
81.50
101.00
100.00
90.00
82.00
82.00
80.00
36s combed ring tube 16s ring beams
20s
32s
#1
Sudan type.
•
54s carded ring tube
58s combed
}!
38s combed hosiery (cone