Wool Has Reached m Economic Level

Sun (Auckland), Volume III, Issue 727, 29 July 1929, Page 9

Wool Has Reached m Economic Level

LONDON BROKER’S OPINION COMPETITION WITH ARTIFICIAL SILK “From what I can see, wool has reached its economic level.” This is the opinion of Mr. E. G. Larkworthy, a London wool-broker, who arrived by the Aorangi this morning after a visit to Australia. He stated that it was a most difficult thing to foretell the state of the wool market, but from what he could see 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. Larkworthy, “but we were wrong. However, wool has now come to a place where it can compete successfully with artificial silk. “As far as I can judge from the growers’ point of view, wool is still a paying proposition—providing the land was not bought at top prices,” he said. “After the war wool brought big prices

and people thought that they would last. However, it was a false eco-! nomic value. Other commodities had to come down in price, and wool prices fell just as rubber did.” Mr. Larkworthy thought that everyone should go cautiously and not boost the market at the frrst of the season's sales. During the last two years the market had fallen away after the first of the year’s sales. There was no doubt that manufacturers were feeling the competition with artificial silk and there was a great deal to be said for the application of scientific research to see what could be made out of wool. For years the same articles had been manufactured from wool and yet millions of pounds had been spent on experiments with -artificial silk. Xo experiments had been made to see what other articles could be produced from wool. Mr. Larkworthy said he was all in favour of a “Use More Wool” campaign but the man in the street must first of all be shown ; the product so that manufacturers : could say to him, “This was made ; from wool.”