THE WOOL SITUATION

Dominion, Volume 12, Issue 223, 14 June 1919, Page 9

THE WOOL SITUATION

STATEMENT BY SIR ARTHUR GOLDFINCH

OUTLOOK FOR PRICES By TdcsrmDh-Prese AEMciatlon-CopyrlsUt ; '. : (Eec. June 13, .9.30 p.m.) -. ■' . London, Juno 12. Sir Arthur Goldfinch (Director, of Riuv "Materials at Hie War Office), speaking at the "Wool Council, regretted that the cuncil's programme had failed lo.stabil-. 'Iso prices, but instead had resulted in im' eaxer demand for wool and tops at issue prices. Consumers were not benefiting; because the auction prices were governing tho prices of manufactured goods. Sir. Arthur Goldfinch ' unticipiited an early ■ improvement, aiid pointed' out that tho imports in the live months' period ended Way 31 included 1,370,000 hales , of Australasian wools, probably a, record. ' ; The estimated total stocks iu England were, over 300,0(W,0001b. weight, amply sufficient for the country's own purposes, and also for the Continental Department.- They were endeavouring to raise the monthly auctions to, lGO.OIH). bales* and arranging , lor a supplementary issue of 100,000 bales for June. .Hβ linti'cipated that the offerings by tho cud of July would exceed the trade's capacity. The'demand for 1 tops had out'etripped ' the output, and ■it would not be surprising if Australia and tho United States began to 'send tops. Tho cessation" of rationing meant practically tho cessation of'control. ', The schedule wiie cut of date. He suggested that" the committee should fix a new schedule at" a-'moderate percentage oelow the prices established at the , three latest auctions. The Department was striving to increase the quantity offered ni auctions, so that by this means withiu. two or three months values might l>6 reduced from 15 to 20 per cent. The' Government might hold auctions at Antwerp, and inercitee line volume of distribution. '

Sir' Arthur Goldfinch' added'that Germany would soon be entitled to receive a'certain tiuantity of Australasian wool.'

'Sir William Eayiior moved that it.bo a recommendation that there be no further issue of colonial wool for civilianpurposes except at the present ascertained- prices, namely, 20 to 25 per cent, above issue prices. ■ The discussion was adjourned.—Aus.N.K. Cable. Assn. •