several attempts have been made to get the system off the ground. None has been successful due to the persistent direation over commodities imposed by the Governments of the main cotton growing countries. .
After a certain amount of argument Treasury consent has now been given to this fresh initiative to create an international contract. Strong safeguards are being introduced to avoid speculation which could have adverse effects on monetary arrangements. Overseas operators, however, will sidestep this restriction and will be able to pay or receive differences in U.S. dollars.
The new contract will be based on strict middling grade and 1.1/16th-inch staple. The quantity unit will be in lots of 24,000 lb. (about 50 bales) for the delivery month specified; tender delivery points will be in approved warehouses in Holland and Belgium.
THE MARKETS.
Trading in raw cotton developed slowly in a broken week and little happened to stimulate demand. Spinners took up small quantit- ies of actual but some hesitation about future distributive trends hampered the turnover. In the meantime a firmer sentiment in values was recorded and the Liverpool c.i.f. price index incorporating a variety of growths took its sharpest upward movement for some consid- erable time back. The latest figure quoted was 28.05 cents against 27.85 cents a week ago. Imports of raw cotton into Liverpool last week amounted to 7,846 bales, the quantity afloat being 52,155 bales.
Seasonal influences tended to restrict the volume of inquiry in the Manchester yarn and cloth market and there was little animation among traders. With the Budget in the offing and much discussion on the effect of the Textile Council report caution was displayed by many customers and the movement of supplies was only moderate.
Dealings in most sections of the market were regulated by the smaller support from distributive sources following disappointing clearance reports over the first three months of the year but the sudden change in the weather over the holidays gave rise to hopes that despite repercussions on consumer spending the important period between Easter and the Spring holiday would make up for the curtailment of demand earlier in the year. Minor replenishment needs were again sought in standard home trade constructions but industrial cloths moved off quietly. Activity in yarns was only spasmodic but regular weaving qualities continued in steady request.
YARN QUOTATIONS.
This Week. Week Ago.
d.
Year Ago.
ão
American type.
6s ring tube
•
1 •
44.00
44.00
24s 32s
36s combed ring tube
16s ring beams
16s FI
•
•
11
11
•
11
52.00
52.00
53.50
•
59.00
59.00
56.00
•
61.50
61.50
59.00
C Q
•
*
•
77.50
77.50
•
▸
•
59.00
59.00
57.50
20s
32s
个
#1
Q
·
►
•
•
→
*
66.00
66.00
64.50
71.50
71.50
69.75
Sudan type.
54s carded ring tube
58s combed
TF
#1
38s combed hosiery (cone)
85.00
85.00
97.00
97.00
81.50
81.50
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