It may be noted that, though Japan may be increasing its proportion of the total world trade in cotton goods, the actual volume of its exports' continues to decline. Exvor's of cotton piece goods in May, according to a Japanese official statement, were 126000000 square yards; this compares with 158,000,000 square in April 21,000,000 square March, and 220,000,000 square yards in May last year. For the five months ended May this year the total exports are given officially as 794,000,000 square yards, compared with 935,000,000 square yards in the corresponding period of 1939 and with 926,000,000 square yards in that of 1930. As the "Manchester Guardian" stated recently Japan has unusually large stocks of unsold cotton goods at present, so that its incentive to secure export orders is presumably stronger than usu circumstances, its exports so far this year are 15 per cent. less than last year it is apparent that the obstacles to export trade are very serious.
It seems reasonable to believe that there are openings for cotton goods in these countries outside Europe and North Africa which formerly took supplies from Italy and France. So far as Italy is concerned, the markets are mainly in South America, and Lancashire's task there is Singapore Weekly Rubber Report Singapore, Aug. 8.
The Singapore market continues to be quiet but steady. London has been steady on a little short covering. In New York there has been a fair factory demand, which has resulted in a moderate turnover.
Latest quotations to hand are as follow Spot 365, cents, down % cent London 13&d. up 34d.
New York 1915 U.S.A. cents down 14 U.S.A. cent.
Malayan shipments during July amounted to 70380 tons as against 60,814 tons for the previous month and 45,962 tons in July last year.
Imports of rubber into Malaya during last month amouniei to 27,625 tons as against 15,529 tons in June and 20,052 tons in July last year.
At the auctions held this morning there was a fair demand for all grades. Of 931 tons catalogued, 870 tons were offered and 612 tons sold.
The following is the course of values:—
In Singapore per 1b.
Ribbed Smoked Sheet:—Standard quality Good average quality Fair average quotity Off-Quality Sheet Cuttings Crepe:—Fine Quality Pale Standard and slightly inferior 324—341 Off-Colour Latex 3176—3256 Light Brown and Brown (Clean) aru Milling Grades:—Cupwashings and skimmings 2914—30"
Text read from the printed page and cleaned; old type leaves the occasional error.