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UNITED STATES DEPARTMENT OF AGRICULTURE
Bureau of Agricultural Economics
WOOL-28 THE W 0 0 L SI T U A T ION April 10, 1939.
Some irregularity in domestic prices of wool was reported during the
past month. But the Bureau of Agricultural Economics says that the wool situa-
tion in this country for the hew marketing season is somewhat more favorable
than a year earlier. Favorable factors include the smaller carry-over of
wool into the new season, the extension of the Federal loan program to the
1939 clip, prospects for a much higher rate of mill consumption through the
first half of 1939 than in 1938, and the recent firmness in wool prices in
The rate of mill consumption of apparel wool in the United States in
February was slightly higher than in January and was almost twice that of Febru-
ary last year. With the possibility of further improvement in consumer de-
mand and with stocks of wool manufactures in trade channels indicated to be
relatively small, mill consumption of wool is likely to be fairly well main-
tained in 1939. But the weekly rate of consumption for the year may average
somewhat lower than that of the first quarter.
The spread between domestic and foreign prices in recent months has
been sufficiently great to attract larger imports of wool into this country,
and imports of apparel wool in the first 2 months of 1939 were considerably
larger than a year earlier.
Barring unusual developments in foreign consuming countries in the next
few months, it appears that the carry-over of wool into the new Southern
Hemisphere selling season in September will be much smaller than a year ear-
lier and probably will be about average. Supplies in most foreign importing
countries except Japan are larger than a year earlier. But mill consumption
of wool has increased in foreign countries in recent months.
The raw wool trade of foreign importing countries since 1927 has been
characterized by a downward trend in imports into Europe and a sharp'upward
trend in imports into Japan. In 1938, however, imports into European coun-
tries were much larger than in 1937 while imp rts into Japan were less than
half as large as the record 1937 imports.
Background.- In the spring of 1938 stocks of raw wool in
the United States were relatively large, mill consumption
was at a low level and prices of wool were the west sine"
the early months of 1935. Wool prices in foreign markets
also were relatively low but the spread between domestic and
foreign prices was considerably less than the tariff and
United States imports were small.
The Federal Government loan prc.grar. for wool producers,
approved in y&rch 1938 was an irmp-rtant stabilizing influ-
ence on domestic wool prices in the early months of the.1938
marketing season. a-fter reaching a low point in April, dom-
estic mill consumption increased rapidly- during the remainder -
of 1938, stocks of wool were reduced ar.d prices advanced
moderately. Prices of wool in foreign-markets showed
little change after the spring of 1338 but the decline in
the exchange value of the British pound tended to lower
quotations for foreign wool in terms of United States dol-
lars. The decline in foreign prices in terms of dollars and
the advance in jdmestic prices resulted in a widening of the
spread between Boston and London quotations in the last half
of 1938 and United States wool imports increased slightly. 4
Prices of fine grades of wool at Brstcn, and London
and the spread between these prices by months from 1P21 to
date are shown in figure 1 at the end of this report.
- 2 -
Domestic prices lower in March
Sales of spot wool at Boston were small in March, and prices on most
graded lines declined 2 to 4 cents a pound, scoured basis. Interest has shifted
to wool of the 1939 clip which is now being shorn, and prices of oc.-t wool at
Boston are bein- adjusted to the new clip basis. Mixed lots of early shorn
3/8 and 1/4 blood bright fleece wools available for immediate shipment from
the Middle West were sold late in March at 27 cents a pound in the grease, de-
livered to eastern markets. In March last year, similar wools from the 1938
clip were offered at 24 to 26 cents a pound. Graded combing 3/8 and 1/4 blood
bright fleeces of the old clip were offered late in March at Brpton at 29 to 30
cents a pound grease basis, compared with 32 cents a month earlier and 26 to 28
cents a year earlier.
Old clip fine territory wools of good French cc-.bing lr-ngth in original
bag lots were sold in Boston at 65 to 68 cents a pound scoured basis, late in
March compared with 70 cents a month earlier. Similar wools of the ner clip
running averse to good French combing length were offered for future delivery
under 65 cents a pound, but sales of such wool were small,
The United States average price of wool received by farmers on ..arch
15 was 2'0 cents a pound compared with 20.2 cents on February 15 and 19.2 cents
on March 15, 19>-.
Federal wool loans extended to 1?79 season
The Commodity Credit Corporation has announced that loans to wool and
mohair producers on their 1939 production will be available on substantially
the same basis as the loans made in 1938.
The loans will be made upon the security of negotiable warehouse re-
ceipts issued by warehouses brproved by the Commodity Credit Corporation, and
the loan values will be determined by arpraisers empl:.'r:d by the Corporation
in accordance with a schedule of classifications and values for scoured or
clean wool. It is estimated that loans on the principal classes of wool will
range between 15 and 22 cents per grease pound, basis Boston. In determining
the loan values on wool stored at points other than Boston, adjustments will
be made to reflect transportation costs to Boston. Loans to producers are
expected to average 17 to 18 cents per grease pound.
The loans may be obtained between April 15 and October 31, 1939, will
bear 4 percent interest, and will mature not later than May 31, 1940.
In 1938 loans were made on 82 million pounds of wool. On March 17,
1939, loans remained no'tstanding rn about 28 million pounds.
vVool imports larger than in 1938
February im~prts of apparel wool for consumption, totaling 5.2 million
pounds were slightly smaller than the January imports, but they were much larger
than in February 1938 when only 1.5 million :l-'nUs were imported. Imports
fbr c.:rsni:t ion represent wool entering the country for immediate consumption plus
wool withdrawn frr:m bonded warehouses for consumption. Such imports in the
first 2 months of the year were 11.3 million pounds compared with 3.5 million
pounds a year earlier and 50.8 million pounds in 1937, when imports were rela-
Bulk of recent arrivals of apparel wool "'ct finer than 40s" grade
Receipts of foreign apparel wool at domestic ports in January and Febru-
ary totaled 16 million pounds. Approximately 11 million pounds of this total
were wools graiing ''n" finer than 40s". This wool was imported chiefly from
Argentina to be placed in bonded customs warehouses for later disposal.
Carry-over into 1939 season smaller than in 1938
Mill consumption of aparel wool in the 15J8-19 season was considerably
larger than the domestic production of shorn and pulled wool, and imports were
relatively small. As mill consumption exceeded the total of production and im-
ports for the :y,~er, the carry-over of wool at the b,.irninrg of the new season
in April 1939 was smaller than a year earlier, when stocks were fairly large.
Production, imports and mill consumption of apparel wool, grease
basis, in the United States, specified periods, 19.5-38
Year beginning General : Mill
April 1 Prod)ct ion irorts 1/ : onsur.ption
: nil It. "!iI. lb. Vil. Ib.
1935-36 ........: 431 83 2/ 673
1ie6-37 ........ 427 164 582
l 7-?7 R........ 433 60 407
1;57-38 ....... 3/ 4.7. 58 4/ 385
19-5-3.9 Prel. ..: / 4-7 38 T/ 506
I/ General imports represent entries into bonded warehouses plus wool imported
for immediate c:r:suripion. .icight as reported mostly greasy.
2/ Stocks of apF rel wool in the United States were large at the beginning of
3/ Frcduction for entire year.
4/ B'~ea,- of changes in reporter, periods consumption figures f:r 137?-38
and I'-.... are not strictly ::.-.;~rable. The figure for 1-,7-38 is fcr
48 weeks Mar. 28, 1 ..7 to FT:. ., 1:15:; the 1l.7--.-9 figure is for 49
weeks M.r. 27, 1. 5 to Mar. 4, l,??.
Mill consumption continues large
Consumption of apparel wool by United States mills in February
averaged 5,612 000 rounds, scoured basis, per week. This was slightly
larger than th e w.eely average and was almost twice as large as that of
February last year. With the exception of 1936 and 1937 the February
cor.sumnption this year was the largest reported for the month of February
Mill consumption on a grease basis in the first two months of 1939
was equivalent to 91 million pounds of shorn wool and 14 million pounds
of pulled wool. Comparable figures for the first two months of last year
.were 41 million pounds of shorn wool and 10 million pounds of pulled wool.
While some easing in prices at Boston has occurred in the past
month, the situation for the early months of the 1939 domestic wool mar-
keting season appears more favorable than that of early 193Z. Favorable
factors include the smaller carry-over of wool into the new season, the
extension of the Federal loan program to wool of the 1939 clip, and pros-
pects for a much higher rate of mill consumption through the first half
of 1959 than in 1938. Developments in foreign wool markets in the next
few months are not likely to weaken the conestic situation. Supplies in
Southern Hemisphere countries for the remainder of thf current season are
estimated to be about average, and mill activity in European countries is
With the possibility of some further improvement in domestic con-
sumer demand in 1939 and with stocks of wool manufactures in trade chan-
nels indicated to be relatively small, mill consumption of wool in this
country is likely to be fairly well maintained throughout 1939. But for
the remainder of the year the rate of cor.sumpt ion may average lower than
in the first quarter.
The outlook for the new selling season in Southern Hemisphere
countries in the latter part of 1939 is somewhat uncertain. Barring un-
usual developments in consuming countries in the next few months, the
quantity of wool carried over in the Southern Hemisph:-re at the beginning
of the 1939-40 season in September probably will be about average and
will be much smaller than the carry-over into the 193~-39 season. On the
other hand, stocks of raw wool in most importing countries, except Japan,
are fairly large. Under normal -onditions such stocks could be a weaken-
ing factor in the foreign wool market. But the continued expansion of
armament programs in European countries favors the building up of stocks
of raw wool in consuming countries.
- 5 -
The second series of London wool sales for 1938 opened March 14. In the
opening week of the series, prices of greasy merinos, greasy fine crossbreds and
all slipped wools were about 5 percent higher than at the close of the previous
series on February 3. Prices of all other wools were largely unchanged as com-
pared with February closing prices. Prices remained fairly steady during the
The average price of 70s, wool, clean basis, top and noil in oil at the
March series was 38.6 cents a pound compared with 37.5 cents at the close of the
previous series and an average of 42.6 cents for the March series last year,
The average price of 56s in March was 28.6 cents a pound, compared with 27.3
cents on February 3 and an average of 31.5 cents in March 1938.
Southern Hemisphere sales
The current season for merino wools in the Southern Hemisphere has been
characterized by steady demand and relatively firm prices. The difference be-
tween the high and low of weekly quotations on representative grades of merino
wool at the Sydney sales since September has been only 2 to 4 cents a pound,
clean basis. Price ch-ng-s in South African markets have been slightly great-
er than in Australia.
The average price of 70s warp wool at Sydney, Australia in February was
44 cents a pound, clean basis, delivered to Bradford. This compares with 43.1
cents in January and the high monthly average for the current season of 45.2
cents in November. Prices were reported largely unchanged at the March sales
in Australia. Disposals of wool at Australian selling centers from July through
February of the current season were about 17 percent larger than in the same
months of the previous season but were slightly smaller than the average dis-
posals for the corresponding period in the 5 preceding years.
The average price of 70s warp wool at South African selling centers in
February was 41.8 cents a pound, clean basis, compared with 41 cents in January,
Prices declined slightly in the first half of March. The season for combing
wools is about over, and offerings in the next few months will consist chiefly
of short wools.
Sales of crossbred wool in South America and New Zealand were fairly
large in February, and prices were firm. Prices advanced slightly at New Zealand
sales in the first half of March.
Supplies in Southern Hemisphere about average
On March 1 apparent supplies 1/ of wool for disposal in the five principal
wool exporting countries of the Southern Hemiisphere during the remainder of the
i/ Carry-over from preceding season, plus estimated production, minus exports
from beginning of season to Dec. 31. ThL quantity sold, but not yet export-
ed, and the quantity entering into domestic consumptionn has not been taken into
account in this computation.
- 6 -
1938-39 selling season were estimated to be about 17 percent smaller than a year
earlier when supplies were relatively large, but were about the same as average
supplies as of March 1 in the 5 years, 1933-37.
Statistics by countries indicate that supplies of merino wool continue
somewhat below average, while supplies of crossbred wool are greater than aver-
age. Supplies as of March 1 in Australia and the Union of South Africa, which
produce chiefly merino wool, were 22 percent smaller than a year earlier and 8
percent smaller than the 5-year average. Total supplies (carry-over plus produc-
tion) at the beginning of the season in these two countries were estimated to be
about 4 percent smaller than the 5-year average. Combined supplies in Argentina,
Uruguay and New Zealand, which produce chiefly crossbred wools, were 11 percent
smaller on March 1 than a year earlier, but were 7 percent larger than average
-supplies as of ,March 1 in the 5 years, 1933-37. The increase over the 5-year
average was the result of larger supplies in the South American countries, par-
Exports of wool from the 5 principal Southern Hemisphere exporting coun-
tries to February 28 of the current season were about 30 percent larger than a
year earlier, but were about the same as average exports for those months in the
5 seasons, 1932-33 to 1936-37. Exports from Uruguay so far this season are be-
low the 5-year average, but the decrease has been offset by larger exports from
Wool exports from 5 Southern Hemisphere countries to
February 28 of the 1978-39 season, with comparisons
: : Average : :
Country Period :1932-33 to: 1936-37 : 1937-38 .1938-39
: : 1956-37 : 1/
: : Mil. Ibs. Mil. lbs. Mil. lbs. Mil. lbs.
Australia 2/ ........... July-Feb. : 619.3 599.7 517.8 618.6
Union of So. Africa 3/ .: 175.7 162.4 137.8 174.3
New Zealand 2/ ......... : 155.6 154.1 134.2 155.6
Total 3 countries .....: : 950.6 916.2 789.8 948.5
Argentina 4/ ...........: Oct.-Feb. : 154.4 165.4 77.1 175.4
Uruguay 4/...........: 69.9 79.9 32.4 50.7
Tot tl 2 countries .....: : 224.3 245.3 109.5 226.1
1/ Pr'-limin-_ry. 2/ Estimates of Dalgety & Co. 3/ Official estimates.
4/ Commercial estimates supplies by the Buenos Aires office of the Bureau.
Supplies and activity in importing countries
Imports of wool into the principal wool importing countries of Europe were
much larger in 1938 than in 1937, Italy being the only country to report a sub-
stantial reduction. Since manufacturing activity in most countries was lower in
1938 than in 1937, it is probable that the larger imports resulted in the build-
ing up of stocks of raw wool or semi-manufactures, which had declined to a rela-
tively low level in most countries in 1937.
Imports into the United Kingdom continued large in the early months of 1939.
Retained imports of 215 million pounds for Jan-Feb.were the largest for those
months since 1934. Activity in the wool textile industry of the United Kingdom im-
proved moderately in the last half of 1938, and since Optober activity has been
greater than a year earlier.
- 7 -
Production of wool tops in France showed a further increase in Januariy,
to the hih-.est monthly -"rd'ction reported for some time, according to Wool
Intell i-r-.ce Notes, published by the United Kir.idcm Imperial Economic Committee.
Orders for ex-ort are reported to constitute a considerable part o` the recent
sales 1y French mills.
TW:l imports into Japan in 19'7 :,ere'less than half as large as the record
1937 imports. Consumption of raw wool was greatly reduced in 1937-38, but the
reduction was not so great as the reduction in imports. Japan has purchased more
wool from Southern he.I srnhere countries in the current season than in the pre-
vious season, but warehouse stocks of raw wool are reported to be relatively small.
Trei- : :n. *.n'rt. f r '- -crol in: f'reig-n cc'ui..'ries, 1027-7S
The raw wool trade of the principal fore"ir. importing countries in the
last 1C years has been characterized 'y a marked upward trend in im-.orts into
the United Kingdom and J"r.an, rAnd a -!.ar' *:.w-.-ard trend in Prench and German
The ".nr.t lty of imported wool retained by the Unit d Kl--1r l'. increased
from 471 million pounds in 1 2 to 637 million pc:.'ds in 193.. Ir. 1-7' imports
declined rait'-.r sharD!'-, but the 17.' imports were .lry 4 percent smaller than
those of 19J'7 The pcr.eral imrr';vmec.t in th.? business situation in the ..~:ited
:ir.n--i: from 1932 to the latter part of 1937 was-reflected in increases in the
output of the wool textile industry.
The lm-csition :' a tariff on imports of yarns and tissues in 1931, t--
gether with the depreciation of the Fritish pound, removed the a'.van ia-e :f low
rr.duction costs formerly held by continental T:'.:.?-an countries. This resulted
in the shuttin- out -: in:orts of these Tr6ducts into 3r?:t "ritain and created
an additional demand for home manufactured ^::A--.s to take the -1. ce of F:r-ds ore-
viously imr..rted. The increase in imports of raw wool '-3:-.6 r- 1'--6 also re-
sulted partly from the increase in exports of tons, .-arns and tissues "f wool.
Such exports have declined since 19-?r. however, and in 1938 were smaller thar.
in any year since 1931 or 1932.
Activity in the wool textile industry of France hrs been ,:-.-.tly curtailed
in recent years by the loss of export markets and by the decline in home con-
sumption. Retained imports of raw -,ool, including wool rulle" from imported sheep-
skins, -hich amounted to 577 million pounds in 1927, had declined to 327 million
pounds in 1937. In 1. 73 net imports increased sharply to )13 million r-unds.
The devaluation of the Yrenr.-. franc in I' --7 was fcllc-'-d in l 'S by
incre--Z.A activity in the wool textile mills of -7rnce. Snorts of wool yarns
and tissues '-ere much I .r,-.r in 1 -7. than in 1937. T:ere is evidence, however,
:f some accumulation : stocks of rn- nool nd semi-rman-rfactnres in France in
Imports of ra-' wool into 3C0';-r"y. showed a market! c-ri.-.arid trend, following
the pt'.- in -c. ct-mar imports reached in 1-,27. Net imports, which were -71l million
-ds in 1r27, dec.lin-:' to 227 million pounds in 1?2? The shortage of foreign
-cr-.-....e in er--.:- resulted in n.--.': :n.t restrictions on wool im orts -ftor the
early months of 190.. Ti. :.ts continued at a re',ced level, however, through
t'.r-'er errr-.'-.cr..ts with certain wool--"ri-;cini- countries. In lO13 the low
world market price of wool '-nd favorable trade balances with certain countries
nere accompanied by an increase in raw wool imnr-rts to 306 million pounds.
The ste'.-lv-decline in net imports of 7oo00 into 'elgi'un, from 132 million
pounds in 1929 to 7 million pounds in 1934, indicated the serious depression in
the Belgian wool textile industry i: those years. The devaluation of the Belgian
currency, in early 1935 wa.s followed by increased business in all sections .of the
industry. ITet imports ef wool rose to 143 million pounds in 1937 and Were fairly
well m."intnin'ed!in 19381
Imports of.wool into 'Itl'"I- increased from 81 million pounds in 1927 to
Ijl million pounds in 1933. In the latter part of 193l, a quota c."sten of imports
:was intr.dduiced, in an effort to improve the serious foreign -~cha'nr.e situation in
Italy. Imports declined to 42 million r c':-iu, in 197Q ut increased some h-t in
1937 and I1'. .
The marked increase in raw wool imports into Japan in the last decade has
been about as large as the reduction in imnorts-into Europe. Japr-anese wool im-
ports increased from 107 million pounds in 1929 to a record of 258 million pounds
in 1937. A system of import licenses was instituted in Japan in 1937 to ease the
pressure on the -"e. Wool imports hoclinec sharply in the latter part of 1937
and in l'31 were only 117 million p-,unds.
The production of wool manufactures in Japan is chieflyr for home consump-
tion, but.a considerable export trade.in wool ;.'arns and tissues has developed in
recent years. Consumption of raw.-wool has been greatly reduced since 1937 by
compulsory mixture of staple fiber with wool in products for the domestic market.
Stocks ofraw woo00 in Jnpar are reported to be relatively small.
Table 1.- detained imports of raw -ool, principal inrnorting countries, 1727-38
: :UnitEd: : : : Total
Year :United:Japan:King- :France: Ger-: Bel-: taly Po- :Czech- : U.S. : 10
:States: : dom : / .any : gium: : land :slovakia: S.R. :coun-
: __ : ___ : : : : tries
: Mil. Hil. Mil. Mil. Mil. Hil. Mil. Mil. Mil. Mil. Mil.
: b. lb. lb. lb. lb. lb. lb. :lb. lb. lb. lb.
1927 : ` 98 4 2 577 4ol 1 :? 81 35 35 24 2,JsE
1928 : 242 115 432 512 752 109 99 29 35 82 2,,C,7
1929 272 107 471 56S 341 132 114 34 40 'g 2,1l5
1930 : 154 115 43r 581 324 126 115 32 38 72 2,043
1931 -159 1?3 576 466 2Q- 104 98 35 38 68 2,029
1932 : 58 204 594 478 3c14 89 15 29 31 5 l 0
133 : 151 239 592 569 335 74 184 37 30 63 2,27
1934 : 108 182 520 350 3' 65 142 33 32 55 1,7?3
1j35 : 200 243 L1 4o06 270 118 116 41 37 70 2,082
136 : 254 217 637 353 227 141 42 51 44 57 2,1023
1-37 :322 258 551 327 227 143 93 42 33 64 2,060
1938 3/ 103 117 613 13 306 141 76 50
Conmiled from official sources.
i TImports for consumption, apparel and caroet class.
2/ Includes wool pulled front imported skins, estimated at 60 percent of -7eight of
retained inports of cooled skins. (7ool Intelligence 2oRtes). 3/ Preliminary.
- 10 -
Table 2.- Wool imports retained by principal importing countries, annual 1935-38,
July-Dec. 1937 and 1938
:: : : 1938: July-De-.
Country and item 1935 1936 : 1937 : 17 1938
: prel.. 1937 1938
: Mil. Mil. Mil. Mil. Iil. Mil.
: bs. lbs. lbs. Ibs. Ibs. lbs.
Imports s /
Apparel wool 42.0 110.7 150.2 30.8 29.6 22.2
Carpet 158.5 143.3 172.1 71.9 57.0 55.7
Imports 864.1 913.9 783.0 882.2 269.8 335.3
Reexports 283.2 276.9 232.1 269.1 82.1 102.6
Retained imports 580.9 637.0 550.9 613.1 187.7 232.7
Domestic exports 56.1 46.6 34.0 30.1 11.4 20.8
Imports shorn : 385.0 353.5 336.7 390.2 127.9 181.5
On skins 2/ 68.2 63.5 59.3 71.7 23.5 39.7
Reexports and exports 47.6 64.4 69.2 49.3 29.3 27.9
Import balance :405.6 352.6 326.8 412.6 122.1 193.3
Imports :272.8 227.7 227.4 306.0 93.3 119.4
Reexports and exports : 3.3 0.8 0.4 0.0 3/ 3/
Import balance : 269.5 226.9 227.0 306.0 93.3 119.4
Imports : 235.0 246.8 255.6 216.7 77.3 99.2
Reexports and exports :117.2 106.1 113.0 75.7 37.4 40.1
Import balance :117.8 140.7 142.6 141.0 39.9 59.1
Imports 3/ :116.0 42.3 93.0 76.1 42.0 35.6
Imports 3/ :243.4 216.8 258.3 116.6 38.1 59.3
Compiled from official sources.
1/ Imports for consumption.
2/ Wool equivalent as reported in "Tool Intelligence Notes, United King-
dom Imperial Economic Committee. (Fstimatel at 60 percent of re-
tained imports of wooled skins.)
3/ Exports negligible.
- 11 -
Prices of wool per pound in specified markets and prices of textile
raw materials in the United States,selected periods, 1937-39
: Average : 1938 3 1939
markce and description
Territory combing, scoured basis
64s, 70s, 80s(fine) .............:
56s (3/8 blood) ......#..... .....
46s (low 1/4 blood) .............
Farm price, 15th of month grease
Average quality, clean cost 2/
70s .,...... ...................
56s .......... .................
46s ............ ............. ....
Scoured basis -
64s warp .........................
50s ........... ..................
Average price at selling centers
grease wool 4/ .................:
Sydney (delivered Bradford)
70s warp, clean basis 5/ ........
Union of South Africa:
Average export price greasy wool..:
Price at selling centers, 70s
warp, clean cost 8/ .............:
Argentina Buenos Aires
Coarse crossbred, greasy .....:
Crossbred greasy 13/'
Pine 50/56s-60s .7..... ...
Coarse 32/36s-44s ..........:
Tbxtile fibers -
Wool, territory fine staple 15/..:
'Cotton,7/8 Middling 16/ ........:
Silk, Japanese 13-15 17/ .......:
Rayon, yarn,150 denier 18/ ......:
1937 : 1938 :
Jan. : Feb.
32.0 19.1 19.2 20.0 20.2 20.0
64.7 44.2 43.4 42.9 42.0 41.0
43.2 28.2 27.9 26.3 27.4 27.3
24.7 17.6 19.6 17.1 17.1
49.9 43.1 44.0
25.1 16.6 17.5 15.9 15.9
49.4 41.0 41.8
14.8 12.8 12.8
18.8 18.6 17.8 17.9
17.0 16.8 15.6 15.7
Foreign prices have been converted at prevailing rates of exchange. Yearly av-
erages are averages of monthly prices except United States farm price which is a
l/ Average of quotations for each series of London sales reported by the London
office of the Bureau. For months when no sales were held, figures are interpolated.
2/ Top and noil in oil. 3/ Quotations reported about the 25th of the month by the
London office of the Bureau. 4/ Reports of the National Council of Wool Selling
Brokers. 5/ Monthly averages of weekly quotations from the 7ool Record and Textile
World, England. 61 8-month average. No quotations May to August. 7/ 9-month
average. No quotations June to August. 8/ South African Ministry for Agriculture.
9/ 10-month average. No quotations July and August. 10/ Wools of South and South-
east Buenos Aires Province. Revista Quincenal de Precios Salaberry Barcetche &
Cia. 11/ 4-month average. No quotations April to November. 12/ 11-month average.
r'o quotations for October. 13/Boletin de Hacienda, Uruguay. 14/6-month average. No
quotations May to October. 5/Scoured basis at Boston. 16/Ave age at 10 markets.
17/ 78 percent white at New York, Bureau of Labor Statistics. 18/Bureau of Labor
_ ___ __ r l i i- -
Table 4.- United St'ates:- Wool imports, conslu-mtion and machinery
activity, specified rT-.iods, 1937-39
* 1o- L z ~
TIports for consunption:
actual eight: 1_/
Finer than 40s
Not finer than o40s :
Cirrpet, inclu.di, g ::
Con-s -:_tion, scoured
basis: 2/ (Weekly av.):
A r,- r.el
Aggr.- -te -
Machinery acti-ity 2 /
Hours operated noer
machine in olrce 3/
Woolen & 7,rsted loo.s
Carnrret & ru- loor.s
1938 Jan. Feb. Jan. Feb.
1,000 1,C00 1,000 1,000 1,000
pounds pounds pounds nounTs pounds
2,173 15,669 11,807
Weekly nrver-ge in hours
Imoort ; ; n or. I he Turer.u of Foreign and Domestic Connerce. Consum-otion and
mnc:-lr..:c ic t- it- ;fio. th. Bureau of the Census.
Ij We.j,' c"' :.:, scoured -".d slin 'ool added together.
2/ 'F: jra3 for January based on 5 reeks, February on 4 weeks: 1'.7 totals b.sed
on 2 ":;uks, 1.7. totals on 53 weeks. No -djustment made for holidr-'s
3/ "77ci--1 :, ro. e hours cr.:r-.ted per machine or spindle in rln-c-" will take the
plrce of "r..rcc:.t., -: of maxinun si&-lo shift capacity" for fi-:'.?z previous' re-
ported. The percent-: of i-: gle shift capacity (41h hours) mny be obtained by
dividing the above f'_--r:-.7 by L,*
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LiNIVERSITY OF FLORIDA
SllI1262 0886 II 1 59lll42 HIlII
3 1262 08861 5942
WOOL: IMPORTS RETAINED BY PRINCIPAL
IMPORTING COUNTRIES, 1927-38
U I& DIEPARTuIT OF AMICULTUSI
Is, 3l95" sURIAU OF ASICULTURAL eCOOmCi
FIGURE 2.- THE RAW WOOL TRADE OF FOREIGN IMPORTING
COUNTRIES SINCE 1927 HAS BEEN CHARACTERIZED BY A DOWNWARD
TREND IN IMPORTS INTO EUROPE AND A SHARP UPWARD TREND IN
IMPORTS INTO JAPAN. IN 1938, HOWEVER, IMPORTS INTO
EUROPEAN COUNTRIES WERE MUCH LARGER THAN IN 1937 WHILE
IMPORTS INTO JAPAN WERE LESS THAN HALF AS LARGE AS THE
RECORD 1937 IMPORTS.
1929 1931 1933 1935 1937
* UNITED KINODOM. FRANCE. OERMANY. DELOIUM. ITALY. POLAND, CZCHOSLOVAKIA.
AND UNION OF SOVIET SOCIALIST REPULJUCS
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