BRITISH WOOLLEN TRADE.

Wanganui Chronicle, Volume 75, Issue 142, 18 June 1932, Page 1 (Supplement)

BRITISH WOOLLEN TRADE.

Disappointment is felt in the British wool trade at the recommendations of the Advisory Committee on import duties affecting wool textiles. The new tariff, writes a correspondent of the Morning Post, is regarded as quite Hi' ffective in ensuring a continuation >f the remarkable activity enjoyed iring the past six months, largely as :ie result of the 50 per cent, ad valjiem rates imposed by the Abnormal importations Act. These, together .. ith the effect of the departure from 'he gold standard, saved a palpably leelining industry of the first, national importance from reduction to a state not pleasant to contemplate, for while 'he export trade was being under aiined by influences beyond control simultaneously the home market was :>oing increasingly invaded by foreign wool manufacturers and yarns. Under r hc new regime the home market has been conserved for our products in a phenomenal manner. The reduction of imports of fabrics during the first quarter of the year amounted to no less than 8,734.331 square yards, compared with the corresponding period of 1931, while imports of worsted varus have fallen by 4,845,15G1b. Exports of tops have improved, consignicnts having nearly attained the prewar dimensions in the first quarter, and there has also been a big increase in worsted yarns. This exclusion of foreign goods has had no detrimental effect upon internal retail prices, competition for the home trade, of course, being quite inimical to such a result. The effects have been en tirely beneficial. Employment has in creased enormously, mills have . been working to capacity, machinery idle for years has been again in com mis sion, and the installation of new plant has been encouraged. In the event of adequate protection being continued, the industry is assured of the prolongation of a state of activity not known for a decade, but if the new rates are not amended the outlook is deplorable, a fact even ad jnitted by erstwhile fi'-p ini'lcia.