YORKSHIRE SAYS HIGH WOOL PRICES WILL NOT CAUSE UNEMPLOYMENT

Wanganui Chronicle, 2 September 1950, Page 5

YORKSHIRE SAYS HIGH WOOL PRICES WILL NOT CAUSE UNEMPLOYMENT

LONDON, Sept. 1 (Recd. 6pm).— Leaders of the woollen textile manufacturing industry in Yorkshire deprecate reports that high wool prices are likely to cause immediate unemployment and dislocation of West Riding production, says th e Yorkshire “Post’s” wool trade correspondent. At the most recent recorded date, he said, British wool manufacturers had about 250,000,0001 b of clean wool in stock, representing about six months’ supply for manufacturing purposes. There is no reason to suppose that a wool famine is round the corner and that the mills are going to be idle, but there is no doubt that the manufacturers view the present level of raw wool prices with th e gravest misgiving. They know that even a modest price recession could cripple them at present levels, and are therefore anxious to keep their commitments to the most reasonable limits. They also recognise ihe possibility that jf thp present very high prices continue for too long they may create a drop in demand for manufactured woollen goods. At present, however, the Yorkshire mills have orders which will keep them busy for several months.—Special NZPA Correspondent.