WOOL PACK PROSPECTS.

Evening Post, Volume CXII, Issue 14, 16 July 1931, Page 16

WOOL PACK PROSPECTS.

There is some diversity of opinion in Australia as to whether the woolpack requirements of the new season have been fully, provided for, and some merchants are inclined to the belief that there may possibly ,be a shortage.. There is very little • speculation in these goods, even in Calcutta, and;at, 23rd. May sales by the mills to shippers' in Calcutta were stated at about 57,750 bales. It is estimated in Melbourne that1 Australia'has yet. to purtnase from 8000 to 10,000 bales to provide fully for the new clip.' On the basis of the recent estimate of 2,942,500 . bales of wool for the 1931 clip, 58,850 bales of woolpacks would1 •be ■ required. The quantity of packs sold, by- the Calcutta mills to shippers in that centre would represent portion of the supplies-for all wool-growing countries. New' Zealand requirements of packs are estimated at about 13,000 bales, and those of South Africa at about 20,000 bales. A further attempt has been made by a section of the jute millers in Calcutta to bring about a reduction in mill working hours, so that prices of jute goods may be increased. Private cable messages received in Melbourne, state that at a recent meeting of the Jute Mills Association in Calcutta, the proposals were again rejected.. The mills therefore will continue to work a 40-hour week, and 26 per cent. ,of the hessian looms, equal to 15 per cent, of all looms, will remain idle as heretofore.