PROSPECTS FOR WOOL

Rotorua Morning Post, Volume 1, Issue 40, 9 October 1931, Page 3

PROSPECTS FOR WOOL

(Press Assn.—

authorities in trade say talk of boom is not justified MANUFACTURERS BUY STOCKS

-By Telegraph — Copyright).

Rec. Oct. 8, 9 p.m. LONDON, Thursday. "Although wool inquiries are more frequent and more Home and foreign orders have been booked during the last fortnight, owing to the likelihood of the introduction of a tariff and the fall in sterling, any talk of a boom is considerably exaggerated," said one prominent wool manufacturer. Other authorities express the opinion that nothing more than a small spurt is at present noticeable. They point out that the world position is unchanged and that wool is a world commodity and that world prices are not materially advanced. "A most important factor is the lifting of the depression in which the textile industry has long been immersed," said one authority. "It is, however, too early for undue optimism. If sterling is stabilised at 15/and Great Britain introduces a tariff, we would be in a far better position. While manufacturers have been buying from hand to mouth, awaiting a further decline, they are now able to buy stocks in anticipation of an improvement in Home and foreign trade, and wool has benefited more than other commodities, which are heavily overstocked." Leading textile manufacturers are shortly opening a new exchange in London, serving as a meeting-place for British overseas manufacturers and distributors. Mr. Vivian Carter, expresses the opinion that trade is on the threshold of the biggest boom in recent history.