WORLD WOOL SUPPLIES.

Timaru Herald, Volume XCVIII, Issue 18084, 12 June 1924, Page 7

WORLD WOOL SUPPLIES.

Interesting Expert Review.

DEVELOPING EMPIRE PRODUCTION.

iiy v'.iLlo —-Pres? Association —Copyright. (Received 5.5 p.m., June 11.) LONDON, June 10. Mr John Emsley (.President oi tho Textile Institution) tue Textile Conference, at the Empire Exhibition, announced that the Institute expected soon to obtain a royal charter which would lilt _ the textile trades to the status of the professions. The Rritish Wool Federation presented a paper dealing with the Empire's wool supplies and the consumption. The paper emphasised the decline in wool production in the last fifteen or twenty years, coinciding with the marked increase in consumption, particularly during the past four years. The writer appealed to the Empire s pastoralists to redouble their efforts to increase their flocks and thus increase the Empire's resources in meat and wool.

The paper paid a tribute tho recent improvement in the Soutn African clip. This was largely due to the introduction of Australian bloodstock. It was suggested that in view of the economic conditions in Australia, and the breaking tip of stations, the World must look more and more tr. South Africa for the increased producti?a of good spinning merinos. Tho paper stressed tiie growth of consumption of wool, and referred to the fact that the post-war accumulations, botn of B.A.W.E.A. and South American stocks, in addition to the seasonal productions, nad all been absorbed within three years. The writer declared that responsible wool trade opinion did not accept the view that the breaking up of Australian estates would lead to an increase in Australian flocks, pointing out that the ideal classification was best obtainable from largo stations. It was hoped that alternative areas for large stations, in order to increase tho size of the Empire’s flocks, would be developed in Australia, New Zealand, South Africa and Canada, under a properly organised campaign, backed by respective governments. “New Zealand might inquire whether lambs are not being slaughtered over rapidly for meat.” Air Harry Dawson warned the Conference that if the Empire’s pastoralists did not provide the necessary increased wool supplies, they were certain to be provided by Asia, notably China. The wool trade at present was well managed at both ends, but it needed better financing, particularly in Australia, where the difficulties -in financing the purchase of the crop, at-, present really amounted to 31 per cent, export tax on Australia’s wool clip. It was remarkable that the Commonwealth Bank, formed to foster Australian industries lias allied itself with the Associated Banks, therefore it could not function as intended. Tho Commonwealth Bank held £29,000.000 of Treasury bonds against which Treasury notes could be issued. Mr Dawson said that, only to-dnv be bad received cabled intimation that Home and Continental buyers found it. almost impossible to obtain credits foi the forthcoming Sydney and Brisbane sales. ITe hoped the Commonwealth would quickly find a means for relievin<r the situation which would incvil nblv reduce the. prices growers could obtain by 5 to 7-1 per cent.