AMERICAN SUBSIDY

Evening Post, Volume CXL, Issue 130, 29 November 1945, Page 7

AMERICAN SUBSIDY

NEW YORK, November 27. The Department of Agriculture has announced that the Government will immediately pay a subsidy averaging seven cents a pound for domestic wool to enable growers to compete more effectively with foreign wool on the United States market. The Government is doing this by reducing the price of wool stocks held since 1943, thus encGuraging greater use of domestic wool by American manufacturers. The Government purchase price is not altered. Stocks of domestic wool on November 1 totalled 421.000,0001b. Mr. C F. H. Johnson, president of the Botany Worsted Mills, New Jersey, claimed before a Senate special wool committee that Congress and the State Department had failed properly f) protect the American wool industry. He added that much had been said about reciprocal trade treaties, but ail I can see that we accomplish is to open the door wide to foreign wools. Try to break into Britain's domestic markets, also those of its colonies or its world markets, and you find arrayed to protect them the Empire's whole strength from thp Foreign OfS.ee down. Don't forget that, included in what they call the foreign market, is the United States. We Americans have every right to wonder whether our policies are formulated in Downing Street rather than Washington.'