HIGHER CONSUMPTION

Otago Daily Times, Issue 27568, 9 December 1950, Page 5

HIGHER CONSUMPTION

Britain’s Wool! Stocks Being Depleted LESS IMPORT ACTIVITY NZPA—Copyright Rec. 7 p.m. LONDON, Dec. 8. The United Kingdom is this year consuming wool at the highest rate since the war, but is importing less. As a result the country's stocks are being depleted, says the wool trade correspondent of the Yorkshire Post. It is officially estimated that Britain will this year consume about 550,000,0001 b (clean) of virgin wool, which is 10 per cent, more than in the first year after the war. The estimate for this year assumes that the actual rate of consumption in the first six montns will continue. Meanwhile, United Kingdom imports of wool for the first nine months of this year are nearly 10 per cent, below those in the comparable period of 1949. Wool stocks in the country are at probably the lowest level since the war. They represented at a recent date barely two-thirds of the weight of wool available here a year ago. There is not much hope that the total stocks will be materially increased by the first of the new season's purchases, as opening prices discouraged large-scale buying and United Kingdom importers bought much less than usual in the early weeks. It is doubtful whether early purchases have kept pace with the rate of consumption here. The trade today faces the prospect that in a week’s time half the Australian selling season will oe completed, and it will be surprising if the United Kingdom has bought anything like its normal quantity of wool during that time.