WOOL INDUSTRY

Hokitika Guardian, 18 March 1932, Page 5

WOOL INDUSTRY

YORKSHIRE BOOM

BEST PERIOD SINCE WAR

United Press Association.—By Electrii Telegra pi i.—Copyright.)

LONDON, March 16

The “Daily Express’s ’’ Bradford correspondent states:'-Four months of exceptional business have just been completed in the wool industry. L is agreed that this has been the best trading quarter since the war period The unemployment in the industry which was 50,000 in September, is now 19,000. Scores of firms that were facing bankruptcy in, the autumn are now prospering owing to the decline in the value of the pound sterling and too new import duties killing competitions from low-wage countries on the Continent. Spinning and weaving mills are now' working double shifts, and wool combers are operating twenty-four hones pea day. The chief boom is in fine light fabrics for women’s weal’. Yorkshire is hoping for at least 33 per cent oh such goods. The export business is sioiV, but ife improving. The chief difficulty is that in the case of twenty-three foreign countries where there are state restrictions against the export of currency to pay debts. Yorkshire merchants favour an international clearing house for trading debts, working on the lines of the bankers clearing house, and arranging payments by credits for accounts instead of transferring currencies.