U.S.A. WOOL INDUSTRY

Grey River Argus, 23 May 1942, Page 3

U.S.A. WOOL INDUSTRY

RAPID ENLARGEMENT NEW YORK, May 21. The “J’ournal of Commerce’s” Boston correspondent says that the uncertainties caused by price-fixing and the doubts regarding quantities allowable for civilian use of woollen goods, caused some slowing up in the market, but such uncertainties have not obscured the fact that woollen mills are absorbing raw materials at an exceedingly fast rate. The year 1941 saw an unprecedented quantity of wool used, but 1942 is easily surpassing last year’s rate of consumption of wool in the United States. In the first quarter, 272 million pounds of wool were consumed, compared with 229 millions -ast year. The speculative side of wool trading has practically vanished, the only aspect being whether the traders are willing to let any lots go below the ceilings, but buyers • have received little encouragement in this direction. Foreign wools continue to have fair movement, with Australians holding the foremost place in fine grades, although submarine activity caused advances in war risk insurance rates on shipments from Australia.