WELLINGTON NEWS

Hokitika Guardian, 27 September 1928, Page 2

WELLINGTON NEWS

WORLD’S WOOL SUPPLIES

(Special to •* Guardian.”) WELLINGTON, September 24. -An American official report states that the number of sheep in important sheep-raising countries appears to be recovering from the “ slump ” immediately- following the war. Im the European countries which import wool, mutton, and lamb, sheep numbers do hot appear to have recovered to the pre-war level, but substantial gains have been made in recent post-war years. Sheep numbers in the United States also have been advancing, standing at,44,545,000 in, 1928, according to a preliminary estimate. The average for 1909-12 was 51,920,000. In Australia a preliminary estimate for 1927, the report states, places sheep at 103,000,000, a slight decrease below 1926, but an increase of 11,000,000 over the pre-war level. In 25 other countries in the world, not including Argentina, reporting to 1927 the sheep numbers amounted to 395,000,000, an increase of 1.8 per cent.over 1926 and 3.6 pOt cent over the 1909-13 average. The Bureau of Agricultural Economists in the United States, reporting on the wool supplies of the season, says that conditions in most of the wool producing countries have not changed much recently. The seasons in most countries are favourable, and those countries of the Southern Hemisphere which suffered from drought last year have mostly recovered, so that prospects for the coming season are for a larger production than in the season which has juat closed. Dr V, Haney, of the New York University Business Research Bureau, writing in the ‘‘Textile World ” of New York on the wool industry, said raw wool prices in the United States were steady during June with a slight sagging apparent towards the'' end of the month and for the first week in July. Mill consumption Was low and imports very small. Stocks were the smallest in many years. In short, supplies were small but the demand was even weaker. With strong primary markets and moderate supplies in the United States and abroad no large decline was probable iii the near future,, but it seemed reasonable tb conclude;, that the advance in' the past twelve months had been denfiitely checked and that a little lower level would hnve to be established before the autumn. Dr Haney believes that the whole situation would be fundamentally improved if raw wool were to be. reduced in price sufficiently, to allow the spinner and the cloth manufacturer, a fair margin.

SOVIET FINANCE. The Soviet Government of Russia is endeavouring to raise an internal loan at the high rate of 11 per cent. In July, last' the Commissar of Finance offered a lottery loan to the Russian public. The amount was for £50,000,000 at; 6 per cent and no force was to be used to get the public .to subscribe. Tfee loan has evidently proved a fiasco, hence this new effort to raise money at : a higher rate of interest. It is of very little use the Soviet Government endeavouring to float internal loans, for the people have no money, are half starved and above all they know that they, are governed by a lot of scoundrels, The break up of the Bolshevik system is near at hand for the Government cannot continue to rule without funds. The Russians have exhausted all their liquid resources and must now propitiate foreign capital, and to do that there must be very drastic changes in the Russian system of government. The confidence of the outside world must be cultivated and confidence is a plant of slow growth. The /Soviet Government so far has tried to preserve the reputation of the Bolshevik system at all costs and has never permitted any comment on the working of its industrial methods, but recently the Soviet press has commenced a systematic revelation of instances of mismanagement, graft, otc. The Executive Committee of the ruling party has taken the lead with the issue of a proclamation addressed to the workers of the country inviting them to draw public attention to- any instance of the incompetence, irregularity, or corrupt practice on the part of their superiors. Socialised industry in Russia provides the “awful example” for the World. The glass industry has a long tale o woe to tell. It employs to-day 21,000 more workmen than in pre-war days, an increase of 50 per cent, yet its output has gone down by 21 per cent. Wages and have increased by 28 per cent and the individual ouput is down by 46 per cent. It is not surprising tuat manufacturing costs have risen by not less than 74 per cent. Enormous sums have been spent on this and otlie. industries.