The owner of the farm, Humphrey Njoroge, was selling the Friesian and Ayrshire cows in bid to
destock his herd.Njoroge's records showed his animals produced an average of 20 to 30 litres of milk daily.
Having learnt from its 1938 mistake, in 1941 the state armed itself with a legislative weapon enforcing compulsory
destock across the whole territory.
In all regions, demand for chemical products did not pick up in the first half of January and customers are continuing to
destock. With no turnaround in sight, BASF has been reducing capacity utlization and flexible working time arrangements.
"The economic downturn has affected both turnover and margins, with cashflow problems being exacerbated by the company's inability to
destock, given market conditions.
Existing AQUs have until the end of the year to
destock.
Some could
destock their inventories, exit the floating storage market altogether, reducing the market's liquidity, or move on-shore, weighing on already crowded infrastructure, they added.
"We may continue to see dismal figures in the first quarter, and a possible recovery in the second quarter when the spring ploughing season begins and the government's 4 trillion yuan stimulus package takes effect," said Qiu Xiaofeng, an analyst with China Merchants Securities' state-owned oil firms, eager to
destock their holdings after piling up aggressively in summer, have begun offering discounts to the official ceiling prices at the pump, with drivers in the Shanghai financial hub benefiting from the fourth cut in 10 days in some stations, state media said.
He said: ``When CAP reform was first talked about, I thought I'd have to
destock.
He said: ``I'm sure some producers will be encouraged to keep their numbers up but I plan to
destock by a third.
"Our priorities in the second-half of this year are to continue to
destock successfully and return to cash generation thereby reducing debt significantly by January, 2002, " he said.