WOOL OUTLOOK.

Star (Christchurch), Volume LXVI, Issue 20276, 10 April 1934, Page 3

WOOL OUTLOOK.

Unstable International Situation. United Press Assn.—By Electric Telegraph—Copyright. SYDNEY. April 9. Addressing the annual conference of the New South Wales Graziers’ Association to-day. Mr James Walker, the president, contended that the general export position did not warrant any alteration in the exchange rate, and any reduction would plunge such industries as meat, butter, wheat and base metals into chaos. He appealed for some lowering of trade barriers, and expressed the hope that Australia would forsake the road which led to prohibitions and restrictions, to national self-sufficiency and economic warfare, and eventually to war itself. Discussing the wool outlook, Mr Walker said that the future was more than usuallv uncertain bv reason of the unstable international situation 7he atmosphere was one which called for caution and consolidation of the position. There was a lack of balance in the situation which demanded that they should be on their guard against the creation of boom conditions, with over-rapid expansion of credit, speculation, the boosting of land values and the soaring of costs.