WOOL PRICE RECOVERY

Press, Volume XCVII, Issue 28540, 20 March 1958, Page 14

WOOL PRICE RECOVERY

Rise In Value Forecast

“The Press” Special Service DUNEDIN, March 19. Confidence that wool would be one of the first commodities to benefit from an upsurge after the present recession was expressed 1 by the chairman of the New Zea-, land Wool Board, Mr H. J. War-i dell, during an address recently to the meat and wool section com-' mittee of the Otago Federated Farmers. |

“I think wool is soundly based, and when this recession is over we can loook forward to better conditions,” he said. “Wool was one of the last commodities affected by the recession and should be one of the first to return to normal levels.”

Synthetic fibres were making inroads on ‘woollen markets in the United States, and wool-sell-ing countries would have to use intensive and clever promotion to retain these markets, he said. “Synthetic fibres will put<a ceiling on our prices, but with this promotion we will be able to lift that ceiling,” he said. One reason why wool prices had fallen in Australia and New Zealand had ben the withdrawal of Japanese buyers when they reached the limit of their Government allocation. x

The new allocation for Japanese buyers was a million bales, and they would probably start buying in September. This would give a good boost to prices at the start of the new selling year, said Mr Wardell.