WOOL INDUSTRY.

Hawke's Bay Tribune, Volume XI, Issue 238, 12 October 1921, Page 5

WOOL INDUSTRY.

CONSUMPTION OVERTAKES PRODUCTION. MINISTER QUOTES FIGURES. Wellington, Oct. 11. The Minister of Agriculture, the Hon. W. Nosworthy, addressed the members of the Producers’ Committee concerning the wool position. In dealing with the first report of the Now Zealand Wool Committee (which began work from the date of its appointment on ; June 24th., 1921), having referred to allocations by the committee, the Minister said that the consumption of Australian and New Zealand wool since October Ist.. 1920, had been exceeded by 283,463 bales over the production. Australian and New Zealand stocks on October Ist., 1920, were 2,889,110 bales, of which 814,891 were New Zealand. These had been reduced by auctions and allocations to September 30th., 1921, to 2,129,900 bales (707,500 I New Zealand). The total carry-over I of Australian and New Zealand wool in sight on October Ist., 1920, including Imperial Government wools and free wools, was 5,167,060 bales. By October Ist., 1921, this had been reduced by 4,883,593 bales and included the estimated Australian and New Zealand 1921-22 clips of 1,710,000 and 570,000 bales respectively. The reduction by [ auction had been by 283,463 bales, but , the Minister was advised that this ! figure would possibly be increased by private sales, or which no record could be obtained. The reduction was small, but considering the very difficult year which had been passed through, it was in the opinion of the committee a matter of satisfaction that the reduction showed a firm tone. The improved I condition of the market, together with heavy reduction of the world’s flocks of I sheep, warranted the anticipation that next year would show a much larger disappearance into consumption. Inquiries had been made into oppor- j tunities for disposal of wool in Con- I tinental countries, but up to the present it had been impossible to overcome the financial difficulties incidental to such propositions. The recent reduction of 3-Bd. per pound in freight rates on wool to London by the shipping companies, and the reduction of 25 per cent, on Port of London charges as from Aiigust Ist., were regarded by the Minister as matters for gratification for all concerned in the wool industry.

WOOL ADVANCES. STRONG DEMAND AT LONDON. A TEN PER CENT RISE. (Received 12, 9.30 a.m.) London, Oct. 11. The wool sales have opened in London with. ( a strong demand and prices ten per cent in advance.—(A. and N.Z.)