Among the uncontrolled commodity markets, cotton provided some fireworks this month. The Liverpool quotation for American middling is now fluctuating around 7.75d a pound, against about 5.50d at the outbreak of war. The low level of public warehouse stocks in this country (443,124 bales at the end of last month, equalling three months' consumption), the shipping difficulties following the United States Neutrality Bill revision and the probability that the current United States crop is likely to remain below the season's requirements provided the chief reasons of the boom. The fact that no government control has been introduced in cotton indicates that the British authorities are not perturbed by the market's movements in recent weeks. In London it is learned that the preparations for the Anglo-United States rubber-cotton barter are making good progress and that the execution of the deal is likely to begin early next year.
Apart from American cotton the British Ministry of Supply is to acquire larger quantities of Egyptian cotton. Recently it agreed to buy 155,000,000 pounds of these fibres provided that the Alexandria price fell bellow that ruling on Nov. 11. This bulk deal followed the con-
Text read from the printed page and cleaned; old type leaves the occasional error.