1951 PRICES FOR WOOL

Press, Volume XCI, Issue 27584, 15 February 1955, Page 13

1951 PRICES FOR WOOL

“HARM TO WORLD INDUSTRY ” (Rec. 10 p.m.) MELBOURNE, Feb. 14. A member of the New Zealand Wool Board, Mr H. Wardell, said in Sydney today that the high prices paid for wool in 1951 had harmed the wool industry throughout the world. He said that the high prices of 1951 were brought about by panic buying, largely by the United States stockpiling for the Korean War. These high prices had made the whole trade nervous and apprehensive, as there was the constant danger that woolgrowers would be priced out of the clothing market because manufacturers could not buy wool at such a high price. It was generally agreed, Mr Wardell said, that the wool industry wanted greater production and a more stable price.

Mr Wardell said he found nothing wrong with today’s wool prices, and the future of the industry seemed generally quite satisfactory. Mr Wardell gave three reasons for the present swing in demand from fine to crossbred wool. They were:— More and more men were being put into uniforms and this was bringing pressure for crossbred wool; manufacturers, particularly in Britain, were trying to cheapen their yarn by leaning more towards crossbreds; the fashion trend was swinging from worsted suitings to slacks and pullovers.