BRITISH WOOLLENS

Evening Post, Volume CXV, Issue 68, 22 March 1933, Page 10

BRITISH WOOLLENS

ITALIAN COMPETITION

Mr. A. A. Paton, C.8., chairman of Martin's Bank, Liverpool, in referring to the" British wool textile industry, said there had been some evidence of improvement during the year, but periods of greater activity were followed by reaction. On the whole, machinery had been better employed than in 1931, but the unsatisfactory condition of the export trade continued to be the major cause of unemployment. Import and currency restrictions -had, on the whole, been more marked than in. the previous year, and many exporters had largo sums duo to them which could not be remitted until the countries concerned reached a more favourable-exchangmp;-l>osition, ._ Home trade requirements had increased, due-to-the gradual cessation of imports of cheap .Continental cloths, although despite duties Italy still competed extensively. "Producing countries," he went on, "do not appear to have any undisclosed accumulations of wool upsetting to traders' calculations,, and the raw material moves steadily into consumption. The sterling prices of fine wool have been comparatively stable, while . lower grades have suffered a fall in values, and are still declining. The tone at the end of the year was - fairly good, but the prosperity of the industry must, in the main, depend upon an improvement in the international situation."