WOOL PRICES

Grey River Argus, 21 November 1946, Page 8

WOOL PRICES

Upward Tendency

U.S. RISE SLOWS BUSINESS

S NEW YORK, Nov. 19.

The Philadelphia correspondent of the textile journal, “Daily News .Record”, says that the wool market is fairly stagnant at present. Market sources find a stronger interest in foreign wools which had lately been largely overlooked owing to high prices. Several sections of the market are showing an interest in New Zealand wools, particularly in crossbreds. Attention is also focused on choice Cape wools. Wool men stress that medium cross-bred wools can be obtained on the foreign markets at prices considerably lower that the present U.S. domestic basis for their equivalents, for instance, of New Zealand quarter-blood wools. The dealers, in spite of the current price levels-, indicate that many mills would still rather pay five cents per lb more to- obtain wools such as Australian choice warp. Leading sources point out that Bradford is preparing to place more wool on the market, and they believe that Britain is trying to hold down the soaring prices in all world markets. AUCKLAND, November 20 . Mr James Farley, a former United States Postmaster-General, said in an interview tcr-day that he thought the removal of price controls 1 in the United States was a courageous decision by President Truman. He thought it was likely to cause difficulties in some respects, but the law of supply and demand would rectify things in the long run. “The American people dislike controls”, he added. He could not say what the ultimate price level would be, but it would not be too bad. Unemployment would not be serious.