BUYING OF WOOL.

Manawatu Standard, Volume LIX, Issue 70, 20 February 1939, Page 5

BUYING OF WOOL.

CONTINENTAL ACTIVITY. "With the absence of any marked buying from Japan and America, the Continent has" been the of the market during the present New Zealand wool-selling season. The view that the increased purchasing has been supported by expanding consumption is expressed by Wincbcombe, Carson, Limited, woolbrokers, Sydney, in their latest report. The Continent also had been buying freely in Australia and elsewhere. During the first half of the current season over 755,000 bales, or 50 per cent,, of the wool exported from the Commonwealth went to the Continent. In South Africa, similar activity lias been recorded. From July to November, 77 per cent, of the African shipments were to the Continent. It may be considered that the raw material was bought extensively because of the risk of war, and the wisdom of having stocks, adds the report. In Germany, however, and to a lesser extent France, stocks of wool and tops were previously below normal. The German mills have been well employed, and since the devaluation of the franc the French establishments have shown increased activity, rendering a greater need for the raw material. Devaluation of the franc has .produced results unfavourable to Yorkshire. It has enabled France to export larger quantities of goods to the United Kingdom. A duty of 20 per cent, exists on woollen textiles entering Great Britain, but during the 11 months ended November British imports of French woollen wore 1,550,000 square yards, being 947,000 more than a year before. During the period, English exports of woollens and worsteds to France declined by 856,000 square yards. The British Fellmongers’ Association is making an effort to get an import duty on fellmongered wool. Owing to the effects of the franc devaluation, English fellmongers have found themselves unable to compete with the products of the fellmongcring .establishments at Mazamet, France.