The Evening Star THURSDAY, DECEMBER 13, 1928. A VANISHING MONOPOLY.

Evening Star, Issue 20048, 13 December 1928, Page 6

The Evening Star THURSDAY, DECEMBER 13, 1928. A VANISHING MONOPOLY.

Bradford is trying to excuse the decreased purchasing power of Britain by propaganda. Mr Hunter, president of tho Wool Federation, practically admits this. Ho lias made a speech, waited for the Australian comments on it, and then replied through the correspondence columns of English newspapers. Wool growers in Australia and New Zealand will not be impressed. They sell their wool in the open market, for the most part on the spot. They know, as vendors, that in tho past few seasons Bradford has persistently triedto “ bear ” tho market in advance. They know, also, that the Continent has set the pace at tho opening sales and ..:at Bradford, after waiting in vain for a reaction, has had to fall into lino and fill its requirements at the level of values already set. Apart front the sentimental aspect, it is really nothing to Australia and New Zealand that many of Bradford’s purchases have not (according to report) turned out very profitable. What is more to tho point is that the Continent, having practically dictated values in the face of an attempted combine by Yorkshire buyers, comes back the next season and again sots the pace. These facts are virtually admitted by Mr Hunter. Ho writes that the wool trade interests in Britain were disappointed that the industrial and economic conditions in England sinc.e the war have not allowed them to buy for use in England as big a percentage of the total clip as before the war. This is virtually an admission that Britain has lagged behind in the competition for the “ all comers ” stakes, which began immediately after the war—a competition all the keener because of* all-round impecuniosity. But it is distinctly hitting below the belt w'ben the Wool Federation begins to complain of deterioration in the character of the wools put up to auction. At first there was an putcry against the Romney wool (so largely growm in New Zealand because of the dual purpose of this breed of sheep), in that it comprised a certain proportion of hair instead of wool. Now the cry is being raised that the Australian wool growers are failing to realise tho importance of maintaining the character of their wools according to the users’ viewpoint, and that there is a danger that, as a result of a continuance and extension of tho present tendency, if wool values decline seriously, there will bo a serious accumulation of this badly bred typo of woo! which might ultimately embarrass both the growers and the users. There is some mystification among wool growers over this accusation. The charge has not come from anywhere but Bradford, whoso rivals continue to bid freely for the Jots submitted. Nor does it appear that Bradford itself is reluctant to acquire what is offered. Mr Hunter himself says that “ conditions are gradually changing to our advantage,'and it is expected that purchases by British firms this season will show an increase on those of last senson.” When attention is drawn officially to tho “ deterioration in the character of certain wools,” it is only fair to retort that the British buyers of those wools are failing to compete with the Continental buyers of similar wools. Safeguarding is being sought by Bradford against Continental invasion of tho Home market by woollen piece-goods. When the raw material is bought here in tho open market by both British and Continental textile firms on equal terms, the reason for taking second place should bo sought within their own factories by British concerns instead of aspersions being cast on the British dominions overseas where the wool is grown.