REACHES ECONOMIC LEVEL

Patea Mail, Volume L, 31 July 1929, Page 2

REACHES ECONOMIC LEVEL

POSITION OF WOOL MARKET. VIEWS OF LONDON BROKER. “From what I can see wool lias reached its economic level. ’’ That is the opinion of Mr. E. C 4. Larkworthy, a London wool broker who arrived by the Aorangi at Auckland after a visit to Australia. He stated it was a most difficult thing to foretell the state of the wool market, but from what he could sec he did not think it would fall any lower. “We thought last March and again last January that wool prices would not fall any lower," continued Mr. fLarkwoithy, “but we Tjlcrc wrong. rioAvevor, wool has now come to a place where it can compete successfully with artificial silk. As far as I can judge, from the grower’s point of view wool is still a paying proposition, providing the land was not bought at top prices."

There was no doubt the manufacturers were feeling the competition from artificial silk and there was a gioat deal to be said for the application of scientific research to see what could be made out of wool, continued Mr. Larkworthy. For years the same articles had been manufactured from wool and yet millions of pounds had been spent on experiments with artificial silk. No experiments had been made to see what other articles could be produced from wool.