Wool "Pretty Good”

Press, Volume CVIII, Issue 31763, 21 August 1968, Page 18

Wool "Pretty Good”

(N.Z. Press Association) I WELLINGTON, I Aug. 19. I The managing j director of the Inter- ! national Wool Secretariat (Mr W. J.

Vines) tonight described the prospects for New Zealand wool as “pretty good." The carpet market—for which New Zealand crossbred wool was ideally suited—was buoyant; in the first five months of this year, Britain had taken 40,0001 b of New Zealand wool. Twenty million pounds of wool had gone to Russia last year; none had gone three years ago. Mr Vines described the East European market prospects as “very promising,” especially for heavy woollen fabrics. “What New Zealand has got out of it is survival and hope> for the present," he said. If the I.W.S. had not started operating when it did—two! years before the first major ! challenge by synthetics—the wool market would have been wiped out, said Mr Vines. No Comment He would make no comment about this season’s price for wool. Wool was doing

1 relatively well compared with ; synthetics. In return for its contribution of $30,000,000 over the j last five years New Zealand ! i had the benefit of a partner | ship contributing four times I its annual levy for the pro- ' motion of wool, Mr Vines said.

i Fifty per cent more New I Zealand wool went into world j consumption last year than in the previous year, he said. I Mr Vines is in New Zealand I to address the annual meeting I of the electoral committee of (the Wool and Meat Boards.