WOOL CONFERENCE

Greymouth Evening Star, 13 September 1930, Page 7

WOOL CONFERENCE

RESTRICTED SALES OPPOSED. [BY CABLE —PRESS ASSN. —COPYRIGHI.] LONDON, September IL The special correspondent 'of the Australian Press Association, at the International Wool Conference at Liege, says:—Suggestions were made regarding Australian* sales by M. Vernier M. Dubrulle. who said that lhe holdover policy had proved unsound. The Council of the Conference considered it advisable lb oppose any endeavour to create uneconomic values, 01 the holding over of part of one season’s clip to another. The Council favoured an extension of the 1 selling period, provided that a reasonable interval was arranged between the seasons to enable the buyers to renew personal contact with the customers. Mr W. P. Devereaux, of Australia, said that the growers' organisations, in dealing with the October situation decided that. it. was better in view of the apparent Liability of the manufacturers to absorb the wool as it was offered, to reduce the offerings and to extend the season; but, otherwise, to allow the laws of supply and demand to adjust the position. In defending this policy, Mr Devereaux said that the result had been beneficial, as the low prices must stimulate consumption. Further, practically the whole of the Australian clip had gone into consumption. The Conference passed a resolution directing the attention of the woolproducing countries to the fact that restricted sales would diminish confidence.