WOOL PRICES

Hokitika Guardian, 26 June 1929, Page 5

WOOL PRICES

YORKSHIRE VIEWPOINT,

United Press Association—By Electric

Telegraph—Copyright)

(Received this day at 9.25 a.m.) LONDON, June 25.

'Discussing the Australian proposal for a “ use more wool ” publicity campaign and the forthcoming conference the “Yorkshire Observer” says: “If the proposed conferences are to be productive of real, good, wool-growers throughout the world must reduce the costs of production by writing down estates from inflated prices, • which some paid for them and on which others have been calculating what they regard as profitable prices for wool. •That must he the first step and then will come problems of distribution and finance. It has been the ambition of Australian brokers to have the whole of the wool produced in the Commonwealth brought under the hammer at selling centres in Australia before it is exported and to a great extent they succeeded in this at the expense of London. They are now paying the penalty. They can gain relief by sending more olf their wool to London for sale. If they are not prepared to do this and would rather spread the selling season over a longer period, they must he prepared to finance selling on a more liberal basis than hitherto. They cannot hope to bo maintained in the preferential position they have occupied in the last four or five seasons, largely at the expense of importers and consumers in this country.

“ Bradford still counts for more in relation to merino wool value than some Australian wool authorities have cared to give it credit for recently and in view of the heavy losses sustained in tliis district since 1923 importers are not prepared to go on financing the clip as they have been doing this season. Although prices, according to the I’residont of the Australian Graziers’ Association, arc 25 per cent lower, our importers to-day are holding Australian wool which they cannot liquidate at a profit. “ Once again therefore wool growers have received more for their woo! than its present economic value.”