ACCUMULATED WOOL STOCKS

Dominion, Volume 14, Issue 27, 27 October 1920, Page 7

ACCUMULATED WOOL STOCKS

. —♦ . < (To the Editor.) , c Sir,—An important error appears to [ have crept into .your Bradford com- I spondenf.? letter of August 12, published } this morning. According to Sir Arthur Goldfinch, the ■ total quantity of Australasian wools held : in manufacturing countries, together with i stocks, afloat, and wool remaining in ( Australia and New Zealand at June 3C ■ ' last, was 2,905,000 bales, of which 2,019,000 j bales were Australian grown and 856,000 -j New Zealand; : but in the recapitulation your correspondent has added all these figures-together, making a grand total oi c 5,811,000 bales, instead of 2,905,000 bales. In other words, he has doubled the quantity. . Another point which should' not be overlooked is, that in pre-war years there was always a large accumulation of Australasian wool in London, America, and other countries at June 30. in addition to wool aflont, wool awaiting , shipment, and also slipes and scoured * undergoing treatment; the aggregate ol • which would run into, roughly, one and c , a quarter million to one and a half million bales. Accepting Sir Arthur Gold- , finch's figures as correct, the over-supplj ; of wool at June 30 would therefore be j somewhere between one and a half to one and three-quarter million bales. Although this is ft huge quantity, and cannot but detrimentally affect values-i more particularly crossbred and low- ,| grade wools-still the position is by no t means so serious as your correspondent f> a k , lle , would ' Wellington, October 20, 1920. j ============== v