WOOL SLUMP'S EFFECT.

New Zealand Herald, Volume LXII, Issue 19027, 26 May 1925, Page 9

WOOL SLUMP'S EFFECT.

HEAVY BRITISH LOSSES. ALLEGED " MARKET-RIGGING." LONDON, May 10. In an interview Mr. J. B. Cramsic, of the Australian Meat Council, said: — "During a week's visit to Yorkshire leading residents of Bradford assured me that the wool slump had hit heavily tho majority of Yorkshire merchants and manufacturers on forward purchases. Some firms have lost £750,000, while others have suffered to the extent of £250,000. They have been compelled to sacrifice largo quantities of tops at far below tho manufacturing costs in order to meet their coming engagements. "Tho trade is very depressed and there is an uneasy feeling that tho slump has not yet renched bedrock. All are anxious to discover a basis for the stabilisation of prices to enable the trade to regain its normal conditions." Mr. Cramsie said that he had not heard of any suggestion for the revival of Bawra or tho formation of any*similar organisation. "The world's wool kings have held back supplies in order to keep up false values and high prices. This ca'-canny policy has been disastrous, as far as our trade is concerned," said Mr. B. Turner, in his presidential address before the National Union of Textile Workers at Bradford. "This rigging of the market by a few would-bc millionaires has resulted in great hardship for the working people and tho manufacturers, and should be stopped. The Government Bhould bo the agency for the buying and importing of supplies of all raw materials," lie concluded. The Daily Mail states that, owing to the wool slump, buyers of tops, yarns and piece goods, especially Canadian firms, are adopting various excuses for repudiating contracts. Tho North American section of the Bradford Chamber of Commerce has decided that its members will insist on all contracts being taken up in accordance with the original terms, and refuse all demands for a reduction in the prices of goods already purchased.