WELLINGTON NEWS

Hokitika Guardian, 7 December 1927, Page 3

WELLINGTON NEWS

AIOVEAIENT IN WOOL PRICKS. (Special to “ Guardian ”.) WELLINGTON, Dee. 5. There is no doubt that at the Christchurch wool sale a few days ago there was a slight recession in prices. This however, has not caused any surprise ill wool circles, for a slight fall in value was expected to occur sooner or later. At the Christchurch sales fine luilfhrcds of average quality 66-58 declined Id [ier Hi as compared with the AYellington sale; medium halfhreds 5056’s were Id lower, and coarse halfbrods, 48-50, were a farthing up. Fine crossbreds were Id lower, medium crossbreds were unchanged and coarse crossbreds were Jd lower. The drop in values was in no way due to any slackening in the demand, hut may he attributed to tiie uncertain Labour situation in Australia, and in Bradford.

In the latter place, the agreement with the wool textile workers made in 1925 after a struggle, expired on November 30, and tbe employers notified the Union that the agreement would not lie renewed. Costs of production were far too high compared with those ruling on the Continent and an adjustment was sought. Until this question is definitely' settled Bradford buyers are bound to act with caution. The disturbance with the watersiders in tiie Commonwealth also affected the situation, for those operating on behalf of Australian mills, were obliged to suspend Inlying. The drop in prices at Christchurch was obviously entirely due to the labour situation, and not. to any inherent weakness in tiie consumptive demand. AA'ool is wanted by all users for stocks everywhere are rather .small. In tiie past year or two tin? main support of the wool market has come from the Continent of Europe, and this was largely due first to depreciated currencies which gave them an advantage over Bradford and more recently through lower costs ot production which lias enabled them to maintain their supremacy. The consumption ol wool on tiie Continent lias expanded considerably hut is not yet equal to the pre-war standard. Tn tiie years 1909-1913 tiie average net imports of wool into Germany represented 109 million lb ; in 1925 it had dropped to 280 million lb., hut in 192 G there was a sharp increase of 347 million 111. Belgium’s imports in 1925 were 95 million lb., and in 1926 rose to 107 million II). France appears to lie the most voracious consumer of wool. The average for tiie years 1909-13 was 381 million lb; in 1925 it stood at 500 million lb, and in 192 G 800 million, and in that year took as much wool as Germany, Great Britain and Italy. Since the war Italy, Switzerland and Japan appear to have developed their wool textile industries, for their absorption of raw wool is many times greater than it was in the pre-war period. Thus in in the period 1909-13 Italy’s imports averaged 2G million lb., whilst in 1925 the total was 72 million lb., increasing to 106 million lb in 192 G. Switzerland’s imports in 1909-13 averaged 11 million lb; in 1925 the quantity had risen to 15 million lb., and in 1926 to 20 million lb. Japan’s imports in 1909-13 was 10 million lb, and it rose to 69 million lb. Conin each of tbe years 1925 and 192 G tinental Europe is steadily developing the wool textile industry and is becoming a more formidable competitor in the world markets.

WOOL TEXTILE DISPUTE. Nothing has been heard up to tbe time of writing as to what is happening in respect to the wool trade dispute in Bradford, but it is interesting to note that in mid-October at a conference in Bradford, the aims, the problems, and the ideals associated with co-partnership in industry were discussed by leading manufacturers and business men. It was pointed out that there was a changed outlook to-day on labour questions, and that the working ‘man now desired Ids place ill the sun, and a just reward for bis work. The representative of a Hatley firm of woollen manufacturers, who have run a profit-sharing scheme for over thirty years, said he believed industrial peace could only he secured if, altei capital had received a hare interest, all classes of workers received a genuine share of the profits. Mr Ben Tunica.. President-elect of the Trade Union Congress said that trade unions had not been enthusiastic supporters ot labour co-partnership schemes, but the National Association of I iiions in tin textile trade had given it every encour-

agement. The great union side of the textile industry he said was not without brains, heart and soul, would do what it could to foster good relations between firms and their workers, but copartnership in industry should not be ever serving the god of more production. There is obviously a new spirit animating both capital and labour, and there is no doubt but that there is greater attention being paid to economics.