THE WOOL SLUMP

Patea Mail, Volume XLVIII, 25 May 1925, Page 3

THE WOOL SLUMP

‘‘CITY OF SHORN LAMB” LONDON, May 14. The *‘Evening News” expresses the opinion that the present wool slump has cost Bradford between £15j000,000 and £20,000,000. '“Bradford,” it says, ‘' was known in wartime as the City of the Golden Fleece, .but now it, is known ‘as the City of Shorn Lambs.” TRADE’S ENORMOUS LOSSES Experts give different explanations for the wool slump. Firstly, they mention speculation in colonial-wool during 1924, consequent on a boom, resulting in prohibitive prices for the consumer. Secondly, banks' pressure, compelling holders to sell at any cost. Thirdly, inexpert advice founded on misapprehension of the world's wool conditions. The present collapse is. described as the worst slump for 30 or 40 years. Several individual losses run into £250,000, and the trade's total losses exceed £20,000,000. , Nearly 50 per cent’ has been withdrawn of the 30,000 bales which wore submitted for sale in three days in Loudon.