The total estimated clip for the year ended June 30, 1937, is 2,065,- 000,000 lb., equivalent to about 6,883,000 bales, compared with the peak' year in 1932-33, when the total production amounted to 7,270,000 bales. The significant feature of the present position is that the wider use of wood is outpacing the supply.
In the last two years carry-over stocks at the end of the season have diminished appreciably, Such stocks in the five principal producing countries at the end of the 1933-34 selling season amounted to 167,000, 000 jb. or approximately 556,000 bales. "A! the close of the following season carry-over stocks had fallen to 253,000 bales, and it is estimated shat the available wool at the end of June. 1997, Will be less than 100,000 bales.
A similar position prevails in the manufacturing—countr' Holdings of tops at the principal continental combing centres were 35 per cent. less at the end of June, 1936, than at the corresponding date of 1935, and at the end of March last there was a further reduction of more than 40 per cent. below the total of the two previous years, Stocks in the hands of British woollen manufacturers disclose an even greater decline, the reserves of good spinning qualities now being abnormally small.
Australia has reaped a rich harvest from her wool clip this season, Average prices for the 1935-36 sel ing season are approximately 15 per cent, higher than the previous and 60 per cent. in excess of The wool cheque for the on now closing will be about £62,000,000 in Australian currency. This is the highest for the last seven years and practically equals the amount received in the -last pre-depression year 1928-29, when ian production was nearly les less than current out-
American demand for wool has provided. the most spectacular increase in buying operations experienced in Australia for many years. The quantity of wool purchased by the United States in the Commonwealth was the heaviest for more than ten years, and this quantity was absorbed in spite of the imposition of a duty of 34 cents per pound.
It is important for the stability of the industry that wool prices should not rise very much beyond current levels, Research into the economic production of substitute fibres received a great flip in the years when fabulous prices were received for wool, and although pastoralists in various parts of the world gained substantial benefit at the time, they paid heavily in subsequent years fo: their com ive short period of prosperity,
Text read from the printed page and cleaned; old type leaves the occasional error.