RETALIATORY POLICY?

Dominion, Volume 27, Issue 37, 7 November 1933, Page 9

RETALIATORY POLICY?

Japan Buys Wool in South America PRICES FORCED HIGHER By Telegraph.—Press Assn.—Copy right. (Received November 6, 10.30 p.m.) New York, November 5. The Buenos Aires correspondent of the “New York Times” states that a heavy increase in the Japanese purchases of wool is noted here and in Uruguay, which is assumed to be a retaliation against Australia, due to Britain’s restriction of Japan’s textile imports. This buying has forced prices of fine crossbreds up 40 per cent, above last year’s, Japanese buyers taking almost exclusively fine crossbreds and competing actively for possession of each new offering in the local market, in some cases purchasing on the hoof before the wool is clipped. One purchase was 300.0001 b., and other large purchases have been recorded during the past fortnight. The Japanese buying has forced the local mills to bid prices up. Fine wool is now priced at equivalent to 25 to 30 cents a pound; ordinary quality fine wool, 18 cents to 21 cents; good quality medium crossbreds, 144 cents to 16 cents; and coarse crossbreds, 9 cents. TRADE PENETRATION Japan & Ethiopian Africa POWERS CONCERNED (Received November 6. 11.30 p.m.) London, November 6. The Rome correspondent of the "Morning Post” says Japan’s recent trade penetration of Ethiopian Africa is engaging elose attention with a view to deciding whether it justifies the invocation of Britain, France and Italy as signatories to the 1906 tripartite agreement “to act in concert for the safeguarding of their respective interests.” It is pointed out that the liberality of trading concessions given Japan contains dangers to the three Powers. Despite repeated declarations of friendship by the Fascist Government, the Ethiopian authorities consistently refuse to develop relations with Italy.