Small New York, Nov. 28.
Despite the secrecy shrouding cotton purchases here under the Joan secured through Mr. T. V. Soong, former Chinese Minister of Finance, it is now apparent that the Chinese Government. purchases are in extremely smal) proportions, ing to statistics from the New 'York Cotton Exchange released today, "Those revealed that, up to October 28, only, 52,000 ales' of cotton had been "shipped to, China, which is 9,000 bales less. than the amount sent to China during the correspon ding period in 1952 when there were Sogng loan purchases to augment the demand.
At the same time, the Farm Administration in Washington released report. this afternoon showing that exports of wheat wore making e! a better showing. The report stated that the North Pacific Wheat Ex-Port Association had exported a most "7,000,000" of the 35,000,000 wheat, bushels" of surplus northwest Cotton exports, however, were ex. tronely unsatisfactory.
'The 1935]? shipments of cotton to China com-Pare most unfavourably with 1931 when 244,000 bales were shipped across the Pacific during the same: period. 'This, however, was admitedly an abnormal year Insofar' as Chinese buying was, concerned.
Nevertheless, statistics show that the Soong loan purchases have been only a small part of the potential whole provided by the 1G.840,000,000 allotted for cotton buying.
On a basis of ten cents a Ib,, thi G.40,000,000 allotment would" purchase' 800,000 bales, and the 52,000 bales shipped to China this season—even if it all represented Chinese Government buying, which it does not—would still be les than six. er cent. of the total, Nanking Alternatives Cotton. interests in the United States are keenly appreciative of the predicament. in' which the Chinese Government finds itself." With a ood Oriental crop, Chinese cation selling about twenty per cent. under American imported staples.
"This, "observers. here' assert, Jeavon' Nanking with tve alterna: tive "To restrict purchases and. to continue its attempt. to. valise broad. what ie Is paying for the cotton here, or— scale down the price and realise perhaps. st than 75. per out, of the face value of the loan, Shus placing At in the category of a bond Hesue on which it is willing to pay a high' premium, Agency ofielals here are. extremely
Text read from the printed page and cleaned; old type leaves the occasional error.