MARKET FOR WOOL

Taranaki Daily News, 30 January 1930, Page 19

MARKET FOR WOOL

MANUFACTURER’S OPINIONS. •CONFIDENCE IN THE FUTURE. That crossbred wool has not yet touched bottom and'- that prices may sag a little further was the opinion expressed by Sir Emmanuel Hoyle, principal of the firm of Joseph Hoyle and Son, Ltd., of Huddersfield, who arrived at Wellington by ' the steamer Rangitane from Southampton. Sir Emmanuel said a good deal of wool 'was still held up in South America by outside speculators who bought last year, thq wool not having gone into the market for consumption. Supply and demand were the only two factors that would govern the price of wool. The bulk of the manufacturing people, said Sir Emmanuel, had lost money with, the big drops in wool. They had had to carry too much of the responsibility and had not been supported by the people producing it. His firm had four mills at Huddersfield working night and day, but it was only by going to fetch the wool from all parts of the world that the mills could be kept going. Competition from synthetic silks and substitutes had had an effect on wool, but it was only “a flash l in the pan.” Wool was not going to be driven out. but would settle down to normal usage. The woollen mills were now producing clothes to answer the demand for lightweight fabrics, "i am out here to spend a good deal of money in buying wool if the price suits me,” said Sir Emmanuel. “We use the product of over 1,660,600 sheep in opr factories.” . . : After saying he was of opinion that crossbred wool had not yet touched bottom, Sir Emmanuel added that wool textile articles produced at an enormous rate during the war were only just being got rid of. He believed that wool would come into its own. ■■ Conditions in England were gradually improving and; had been doing so all the time, imperceptibly and not witff a great boom, which was not desirable. Conditions in England were better than at any time since the boom of IJ2V.