WILL WOOL RISE

Te Aroha News, Volume XLI, Issue 6546, 20 November 1924, Page 5

WILL WOOL RISE

KEEN BIDDING LIKELY SHORTAGE OF SUPPLIES IN THE UNITED STATES WILL DUTY BE LIFTED? Keen interest is being' displayed in the wool sale which is to open in Wellington this week on account of the likelihood of unusually vigorous competition from America. It is reported on all sides that America is suffering a great shortage of wool, and it is understood that some of the American buyers have been instructed to obtain supplies regardless of cost; that it, that no limit has been put upon their prices. WILL U.S. DUTY BE LIFTED? Connected with this there is a story abroad that America is likely to lift the duty on wool for the time being, and if this is proved to be the case the buyers would be able to go higher than has been their privilege in the past. However, no confirmation of this information could b§ obtained. A buyer for an American firm to whom the matter was referred said he had heard the rumour, but had had no advice as to its accuracy. He thought that had it been correct he would have been advised.

The head of the wool department of a Wellington firm was definitely against the story being correct. “There will be nothing like that happening,” he said. “President Coolidge is out for big duties, but what he will do is leave the duty alone for the time being. The position is that no one cares whether it is higher or lower so long as it is left alone and not altered. Then they know where they stand. I anticipate, therefore, that President Coolidge will leave the duty severely alone.” The duty on wool going into America from New Zealand amounts to about one shilling per pound. America’s shortage of wool is attributed to her attempt to rely on her own production.

The offerings at the coming sales will not'be large owing to wet weather having interfered with the operations of some of the growers who had intended to present their clips for auction. The total catalogued is 7225 bales, whereas the total at the sale held about this time last year was .over 13,000 bales.