DEPRESSED INDUSTRY

Evening Post, Volume CVI, Issue 5, 6 July 1928, Page 11

DEPRESSED INDUSTRY

BRADFORD WOOL MARKET EFFECT OF ARTIFICIAL SILK (By Telegraph.) (Special to "The Evening Post.") AUCKLAND, This Day. "The Bradford wool market is now passing through a period of great depression, and it is my opinion that if it continues Bradford will be displaced as the world's great wool centre," stated Mr. F. Towler, head of F. Tow-" ler and Co., wool merchants, Bradford, who arrived from England by the Arawa yesterday. The purpose of Mr, Towler's visit to New Zealand is to study the primary ■ producing end of the wool industry. "The trouble with the woollen", firms L, that they have not sufficient" ready capital," stated Mr. Towler. "All their money is tied up in maeuinery and stock. The vogue of artificial silk has also,hit us hard. ..I know of one - woollen . manufacturer \vho lost practically all his money, but fortunately he'had machinery that was adaptable, with a -little difficulty, for the manufacture' of , artificial silk goods: To-day he is very wealthy."- : Speaking of his own firm, Mr. Towler said that two or -three years ago he was importing 30,000-bales of wool each season from Australia, and a largo quantity from New Zealand. -Today he was buying scarcely any wool. The firms 'which in the: past sent buyers out to Australia and' New Zealand would not be directly represented next season. '.-■■-. , Mr. Towler favours the policy of the firms in England owning their own farms' abroad and producing'their own wool. "I do not say I will do this, but one never knows/• he added. "I have come out .to. New. Zealand with a perfectly open mind, and I.want. . to learn all I can about the wool industry." Mr. : Towler iis\malting; his first visit to.New Zealand. He leaves for Wellington to-night., ■',-,' . :;■ : '.--V .■'•'■,-.■