STRONG DEMAND

Wairarapa Times-Age, 22 May 1942, Page 3

STRONG DEMAND

FOR WOOL IN UNITED STATES INCREASING QUANTITIES BEING ABSORBED. SUPPLIES FROM AUSTRALIA. (By Telegraph—Press Association— Copyright) (Received This Day, 10.10 a.m.) NEW YORK, May 21. The Boston correspondent of the Journal of Commerce says uncertainties caused by price-fixing and doubts regarding the quantities allowable for civilian use of woollen goods, have caused some slowing up of the market, but such uncertainties have not obscured the fact that woollen mills are absorbing raw materials at an exceedingly fast rate. The year 1941 saw an unprecedented Quantity of wool used, but 1942 is easily surpassing last year’s rate of consumption of wool in the United States. In the first quarter 272,000,000 pounds of wool were consumed, compared with 229,000,000 last year. The speculative side of wool trading has practically vanished, the only aspect being whether traders are willing to let' any lots go below “ceilings” (maximum prices), but buyers have received little encouragement in this direction. Foreign wools continue to have a fair movement, with Australians holding a foremost place in the field in fine grades, although submarine activity has caused advances in war risk insurance rates on shipments from Australia.