EMPIRE’S WOOL SUPPLY

Otago Daily Times, Issue 19196, 12 June 1924, Page 7

EMPIRE’S WOOL SUPPLY

NEED FOR INCREASED PRODUCTION. APPEAL TO PABTORALISTS. ORGANISED CAMPAIGN URGED. Pxera Association —By Telegraph—-Copyright. LONDON, June 10. (Received June 11, at 5.5 p.m.) Mr John Emsley, president of the Textile Institution, in opening the Empire Textile Conference at the Empire Exhibition announced that the Institute expected soon to obtain a Royal charter, which would lift e textile trades to the status of a profession. The British Wool Federation presented a paper dealing with the Empire’s wool supplies and consumption, in which it emphasised the decline in wool production in the last 16 or 20 years —a decline that was coincidental with a marked increase in consumption, particularly during the past four years. The Federation appealed to the Empire’s pastoralists to redouble their efforts to increase their flocks, and thus increase the Empire’s resources in meat and wool. The paper paid a tribute to the recent improvement in the South African clip ( which was largely due to the introduction of Australian blood stock, and suggested that in view of the economic conditions in Australia and the breaking up of the stations there the world -would have to look more and more to South Africa for an increased production of good spinning merino wool. Stressing the growth of the consumption of wool the paper referred to the astounding fact that the post-war accumulations Ixith of Bawra and South American stocks in addition to the seasonal productions had all been absorbed within three years. It declared that responsible opinion in the wool trade did not accept the view that the breaking up of Australian, estates would lead to an increase of the Australian flocks, pointing out that the ideal classification wits best obtainable from large stations. It was hoped that in order to increase the sizO of the Empire’s flocks alternative areas to the . large stations would be developed in Australia, New Zealand, South' Africa, and Canada under a properly organised campaign backed by the respective Governments. New Zealand might inquire whether lambs were not being slaughtered over-rapidly for meat. Mr Harry Dawson warned the confer, ence that if the Emnire’s pastoralists did not provide the necessary increased wool supplies these were certain to be provided by Asia, notably by China. The wool trade at present was well managed at both ends, but it needed better financing. particularly in Australia, where the difficulties of the financial purchase of the crop at present really amounted to an export tax of 3J per cent, on Australia’s wool clip. It was remarkable thjd the Commonwealth Bank which had been formed to foster Australian industries had allied itself with the Associated Banks, and therefore could not function as was intended. The Commonwealth Bank held £29,000,000 worth of Treasury bonds against which Treasury- notes could be issued. Mr Dawson said that only that day he had received "cabled intimation that Home and Continental buyers had found it almost impossible to obtain credits for the forthcoming Sydney and Brisbane sales. He hoped that the Commonwealth would quickly find a means of relieving a situation which was inevitable, reducing the prices which growers could obtain by sto per cent. —A. and N,Z. Cable.