“WOOL WILL WIN”

Wairarapa Times-Age, 21 April 1938, Page 8

“WOOL WILL WIN”

THE COMPETITION OF COTTON GOODS POSITION UNSATISFACTORY “The wool position today is far from satisfactory,” stated a report by the Provincial President, Mr H. Morrison, at yesterday’s meeting of the Masterton branch of the Farmers’ Union, “for not only are base metals still at a low level despite the increase in armaments, but cotton and rubber are also at extremely low price levels. Cotton is still our main competitor. Last year is produced 52 per cent of the world’s textiles, and its price was one of the lowest in the world’s record. Wool invariably follows the comparative price level of cotton, in fact, of all basic products, wool has fallen the least, which affords some saticfaction. “Wool will win in the long run run against all rivals no doubt, but at the moment the substitutes are serving a purpose and wool is suffering in consequence. “But nothing can be done in Australia, or even by the closest co-op-eration of Australia, South Africa and New Zealand to compel buyers to purchase more wool than they need, or at higher prices than they are willing to pay. One thing is certain, and that is that the manufacturers of rival textile fibres will be throwing their hats up in the air, so to speak, the day that the woolgrowers of the British Empire renounce their freedom and submit to any scheme of price control. "It is obvious if we take 9d as the average New Zealand price, today, the loss of exchange would reduce this down to GJd, at which price it would be impossible for the woolgrower to carry on, with present day costs.”