WOOL FOR ITALY

Evening Post, Volume CXVIII, Issue 31, 6 August 1934, Page 12

WOOL FOR ITALY

WHY TRADE IS REDUCED

Signor Luigi Gariglio, president' of the Thli-m Chamber of Commerce m Aut,tralia, in explanation of Italy's intention to reduce its purchase of Australian wool by«TheCson which has brought, about this reduction of purchases in Australia" the desire of Italy to level its trade balances, which, in the case of Australia are most detrimental to Italy. In its endeavour in this direction, the Italian Government, in April last, issued a decreei_by which purchases of wool, copper, and coffee should onlv be made under a special kence, further stipulating that the grantin"- of this licence and the quantity o£ goods admitted under its authority should depend upon, and bear a direct relation tothe balance of trade between Italy and the exporting country. This was communicated to proper quarters in Australia, and given publication iu the Press, aa it would, no doubt, have a reaction on wool pur°'"Notwithstanding repeated promises by the Federal authorities to consider Italy s position on this market, nothing has been done here to try to adjust Italy's adverse balance. The Italian Government is, therefore, compelled to level this balance, and, for this purpose, is cutting down by halt, as from next month, purchases ot wool in Australia." , _, n . ~ It was explained that the Italian Government had asked the Commonwealth Government for tariff concessions on motor-cars, artificial silk yarns and materials, ivory nut buttons, hemp yarn, cheese, and marble. No definite reply had been received regarding any of these items.