The wool situation

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Material Information

Title:
The wool situation
Uniform Title:
Wool situation (1937)
Physical Description:
64 no. : ; 28 cm.
Language:
English
Creator:
United States -- Bureau of Agricultural Economics
Publisher:
Bureau of Agricultural Economics, U.S. Dept. of Agriculture
Place of Publication:
Washington
Publication Date:
Frequency:
monthly
regular

Subjects

Subjects / Keywords:
Wool industry -- Statistics -- Periodicals -- United States   ( lcsh )
Genre:
serial   ( sobekcm )
federal government publication   ( marcgt )
statistics   ( marcgt )
periodical   ( marcgt )

Notes

Statement of Responsibility:
United States Department of Agriculture, Bureau of Agricultural Economics.
Dates or Sequential Designation:
WOOL-1 (Jan. 1937)-Wool-64 (Apr. 1942).
Numbering Peculiarities:
No. 1 called new series.
General Note:
Title from caption.

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
oclc - 02269655
ocm02269655
Classification:
lcc - HD9894 .Un33
System ID:
AA00011232:00059

Related Items

Preceded by:
World wool prospects
Succeeded by:
Livestock situation
Succeeded by:
Livestock and wool situation


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Full Text






UNITED STATES DPARTIM'1T OF AGRICULTURE
Bureau of Agricultural Economics
1 Washington

VCOOL-5 May 10,1937



D CUNTS PT THE WOOL SITUATION

,... a
Sumr.iary
U.S. DEPOSITORY ...


The domestic wool situation has not changed materially in the

past month, the Bureau of Agricultural Economics reports. A large part

of the new domestic clip has been sold at prices somewhat higher than

those of a year earlier, and higher than at any time since 1929. Demand

for wool in both domestic and foreign markets has been strong this year

and world supplies are below average. Supplies later in 1937, however,

will be governed by the new clip in the Southern Hemisphere, which will

become available in the late summer and early fall.

Consumption of wool by United States mills in the first quarter of

1937 was greater than in the first quarter of any year since 1923.

Although there is as yet no definite indication of a reduction in mill

consumption it is possible that the high activity in recent months has

been at the expense of activity later in the year. Manufacturing

r activity, however, probably will continue relatively high throughout the

first half of 1937.

Stocks of apparel wool held by United States dealers and manufacturers

on March'27, totaling about 120,000,000 pounds scoured basis, were 14

percent larger than a year earlier. The increase resulted entirely from

larger holdings of imported wool. Domestic production in 1937 is not

expected to show much change from that of last year.






iWOOL-5


On April 1, apparent supplies in the five principal producing

countries of the Southern Hemisphere were estimated to be from 6 to 10

percent smaller than on the same date of 1936 and at least 14 percent

smaller than the average on that date of the 5 years, 1931-35. The

reduction in foreign supplies at the beginning of April was much larger

than the increase in stocks in this country. The 1936-37 selling season

was practically over in the Southern Hemisphere at the end of April.

Trading in spot wools in the domestic market was very light in

April and prices were largely nominal and unchanged. Prices paid for new

clip wools in producing areas showed little change compared with late

March quotations. Wool prices were firm-to slightly higher in foreign

markets' during April.


DOMESTIC SITUATION


BACKGROUND Consumption of wool by United
States mills has been unusually high since
the beginning of 1935, wool supplies have
been reduced, and prices have advanced to the
highest levels since 1929. The increased
consumption has resulted from general improve-
ment in economic conditions and has been aided
by Government orders for wool goods. Demand
for wool in foreign importing countries also
was strong in 1935 and 1936, and wool supplies
are relatively low in all markets.


Wool Sales and Prices

Trading in spot domestic wools on the Boston market was very light
in April and prices were largely nominal and unchanged. Moderate
quantities of spot medium and low crossbred South American wools were
sold at Boston during April at firm to slightly higher prices. Prices
of fine Australian wools also tended to advance in the latter part of
the month following reports of higher ,prices in foreign markets.


-2-







-3-


Trading in 1937 clip wools in producing areas was rather slow in
April and prices of comparable wools showed little change during the month.
New clip, country graded bright medium fleeces of 3/8 and 1/4 blood
combing and clothing lengths were quoted in April at 45-46 cents in the
grease for wool from Ohio and Michigan delivered to Eastern buyers, and
at 43-44 cents for wools from Iowa and Minnesota. Sales of such wools
were small. The average price received by farmers as of April 15 was
33.2 cents a pound compared with 31.7 cents a month earlier and 26.2
cents a year earlier.

Pre-shearing contracts on Western Territory wools were quoted at
Boston in April at $1 to $1.03 scoured basis for original bags, largely.
French combing length and 95-98 cents' for shorter' woo'ls'.

Mill Consumptionn .

Consumption of apparel wool by United St'at'es mills showed a further
increase in March. Weekly average consumption for the month amounted to
6,582,000 pounds, scoured basis, coz-i3.red with 6,430,0.O0 pounds in
February and 5,052,000 pounds in March 1936. The consumption of apparel
wool in the first quarter of 1937 was larger than'in the first quarter
of any year since 1923 and was equivalent to 135,234,000 pounds of shorn
wool, greasy shorn basis and 22,052,000 pounds of pulled wool, greasy
pulled basis.

The high rate of activity in the United States -wool manufacturing
industry in the first quarter of 1937 may have been due in part to the
early placing of all orders and therefore may -have been at the expense of
activity later in the year. Unfilled orders for mens wear, however,
were reported to be fairly large at the end of April. Manufacturing
activity probably will continue relatively high through the first half
of the year.

Stocks Held by Dealers and Manufacturers

Stocks of apparel wool held by United States dealers and manufacturers
reporting to the Bureau of the Census on March 27, 1937, total about
120,000,000 pounds scoured basis, compared with 129,000,000 pounds on
December 31 and 105,000,000 pounds on March 28 last year. The increase
in stocks as compared with a year earlier resulted entirely from larger
holdings of foreign wool. Only 58,469,000 pounds of domestic wool were
reported on March 27 compared with 60,473,000 pounds a year earlier.
Stocks of foreign wool in the United States reported on March 27 amounted
to 61,731,000 pounds compared with 44,623,000 pounds in March 1936.

Manufacturers' stocks on March 27 were the largest reported in the
period for which comparable figures are available (since June 1934), while
dealers' stocks were the smallest in that period. Total stocks reported on
March 27 were equivalent to 164,685,000 pounds of shorn wool, greasy shorn.
basis and 47,504,000 pounds of pulled wool, greasy pulled basis. Stocks
in late March 1936 were equivalent to about 148,000,000 pounds of shorn
wool, greasy shorn basis, and 42,000,000 pounds of pulled wool greasy
pulled basis.





W OOL-5


Stocks of raw wool, top and noil held by dealers, topmakers and
manufacturers in the United States, scoured basis,
March 27, 1937, with comparisons

-- -1936 1937
:: ~ 1936 .1937


Item : Mar.
1!


: 1,000
pounds


Dec. 31
1/


1,000
pounds


Mar. 27


1,000
pounds


Apparel wool, total .........: 105,096
Dealers ...... ...........: 41,156
Domestic ...............: 22,050
Foreign on hand )
Foreign afloat )'...' 19,106
Manufacturers and topmakers: 63,940
Domestic ...........: 38i423
Foreign on hand ) 12
Foreign afloat )."". : 12517


Carpet wool, total ..........
Dealers .. .....
Manufacturers .......:

Tops .. ..........
Noils ...............:


38,894


3,140
35,754

24,272
11,990


129,204 120,200
54,125 36,929
32,164 19,075
9,298 13,826
12,663 4,028
75,079 83,271
47,543 39,394
15,206 36,546
S12,330 7,331


37,870


3,388
34,482

22,072
12,175


37,406
2,434
34,972

23,395
12,486


Compiled from Bureau of the Census, Quarterly Wool Stock Report, March 27,
1937. The statistics are believed to include more than 97 percent of the
total stocks held by and afloat to all dealers (including commission houses,
pullers and cooperatives), topmakers and manufacturers in the United States
on the dates srpccified.

_/ Revised.

FOREIGN SITUATION

';ool Sales and Priccs
London auctions.

The third series of London wool auctions for 1937 opened on April 27.
About 63,250 bales were available for the series. The selection of merino wools
was small but there was a good offering of crossbreds. According to reports
from Agricultural Attache' Taylor, prices of merino wool at the opening of the
sales were unchanged to 5 percent higher than at the close of the previous
series on March 12. Fine crossbred wools were 5 percent higher than in March,
medium and low crossbreds 10 percent higher and slipes unchanged to 5 percent
high r.


I~L~~


~_ ___


-4-







WOOL-5


-5-


Prices remained .gcnerally-unchanged'during the first week of the sales.
Germany, Belgium and Holland bought merino wools mostly while English buyers
wore interested chiefly in cressbreds". Russia bought small quantities of
superior crossbreds and cor.mebacks. No American orders were reported.

Southern Hemisphere sal os .

The 1936-37 selling season is now practically over in the Southern Hemis-
phere except- for short Wopls and clean-up sales. Prices were very firm, in
April at all centers. The average price received for greasy wool at all
Australian selling centers remained unchanged at 29.7 cents a pound (current
rate of exchange) in March compared with 253. cents in March 1936.

The average export price for greasy wool in the Union of South Africa
was 26.7 cents a pound'in March compared with 27.2 cents in February and
20 cents in M.:rch 1936.

Outlook for Southern Hemisphere Wool Clip

As the Southern Hemisphere autumn (March-May) advances, pasture and
Weather conditions in thej important wool producing countries appear to grow
more favorable to the 1937-38 wool clip. Feed jo carry stock through the
winter months (June-August) now appears to.be assured in most of the important
sheep raising areas.

It is reported that the new Australian wool clip will show an increase
over that of 1936-37, which was the smallest clip produced since 1927 and
was estimated at 983 million pounds. The first official estimate of the coming
Australian clip will be released about mid-June.

Apparent Supplies in Southern Hemisphere on April 1

On April 1, apparent supplies of wool still to come forward from the:five
principal wool producing countries of the Southern Hemisphere 1/ were estimate
to be from 6 to 10 percent smaller than on the same date of 1936 and at least
14 percent smaller than the average on that date of the 5 years, 1931-35. The
official selling season in most countries usually closes by the end of April.
The current season, owing to a reduced supply, apparently has closed earlier
than usual in some countries.

March receipts at selling centers were 4 percent smaller than a year ago,
but they exceeded those of February by 19 percent. Receipts at selling centers
for the current season, up to March 31, amounted to 1,363,000,000 pounds, and
differed not more than 4,000,000 pounds from those of a year earlier or from
average receipts for the same period of the seasons 1930-31 to 1934-35. The
total quantity received at selling centers in the fiveSouthern Hemisphere
countries during the entire season 1935-36 was 1,537,000,000 pounds compared
with an average of 1,518,0000,00 pounds for the preceding 5-year period. It
is indicated that total receipts for the current season will be about
1,498,000,000 pounds.


Carry-over plus production minus exports to latest month. Australia, New
Zealand, Union of South Africa, Argentina and Uruguay.







-6-


Stocks in I ortin Countries

Stocks of raw wool in public warehouses in the principal ports of the
United KIingdom were 41,000,000 pounds at the end of February compared with
50,000,000 pounds a month earlier and 55,000,000 pounds a year earlier,
according to statistics published by the Imperial Economic Committee of the
United Kingdom in "Wool Intelligence Notes,, March 1937. Stocks in railway
and canal depots at Yorkshire were 54,000,000 pounds at the end of February,
53,000,000 pounds -a month earlier and 54,000,000 pounds a year earlier.
Stocks in Yorkshire are believed to .indicate roughly the trend of stocks in
the hands of manufacturers.

Stocks of raw wool in reporting warehouses in Japan at the end of
January, as reported in ,Wool Intelligence Notesn, totaled 25,000,000 pounds
compared with 24,000,000 pounds a month earlier and 52,000,000 pounds a year
earlier.

Stocks of wool tops in commission combing establishments of continental
Europe remain small. ..

Manufacturing Activity in Importing Countries

The index of wool top production for the United Kingdom, France, Belgium,
Poland, and Hungary was 91 for February (1935= 100) compared with 96 in
January and 98 in February 1936, according to statistics published in "iool
Intelligence Notes".

The percentage of insured workers in the woolen and worsted industry
of the United Kingdom reported by the Ministry of Labour as unemployed on
March 15 was 6.8 compared with 7.4 percent on February 22 and 8.6 percent on
March 23, 1936.

Little change in conditions was reported in the wool textile industry
of continental European countries in March, according to Lloyd V. Steers,
Agricultural Attachc' at Berlin. Manufacturing activity and sales in France
were fairly well maintained in .Tarph though export orders were scarce.

The Belgian wool industry is well occupied, particularly the combing,
weaving and carpet sections.' Export orders obtained by the Italian industry
have resulted in increased activity in wool manufacturing in that country
in recent months. Imports of wool in the first quarter of 1937 (on the bases
of shipments to Italy from selling centers) were larger than in the same month
of 1936 though still coi.sidcrably belo.- 1935.

German wool textile factories have maintained a fairly high level of
activity for many months by the uce of substitute fibers. It is unofficially
estimated that o.-15 40 percent of the total raw material conF.uccd 'in wool
textile mil3s at predent consists of raw wool, from 35 to 40 percent is
reclaimed wool, and more than 20 percent is substitute fiber.


1' OL-5








WOOL-5


Table 1.- Price of wool per pound in specified markets, selected
periods, 1935-37


SAverage. Average.
Market and description 193 1936
.1935 1936 -


Boston :
Territory combing scoured basis-:
64s, 70s,.80s (fine) ........
56s,.(3/8 blood) ...........:
.46s, (Low 1/4 blood) .........
U. S. farm-price (15th.of month)-
,Grease basis .........
London: 1/
Average quality clean cost 2/ :
70s ................. ..
S56s ............. :..... ...... :
46s .. .. .. ... .. ...
Bradford: 3/
Scoured basis :
64s warp ...".... .........
50s ............... .. .
Australia:
Average price at all selling
'centers, greasy wool 4/.......:
'Sydney (Delivered Bradford) j/-
Clean basis, 70s warp ........
Union of South Africa:
:Average export price, greasy
wool ............... ......... :
.Price .at. selling centers 6/ :
Clean cost exwarehouse,60s warp
Argentina:
Buenos Aires market -
Buenos Aires,South & Southeast:
greasy coarse crossbred 7/
Uruguay:, :
Montevideo market -
Fine crossbred,greasy,
50s-56s to60s........


Cents Cent s


74.8
63.6
51.4


92.0
80.4
63.9


19.4 9/26.9


47.5
29.0-
18.6


47.7
23.2


58.4
35.1
23. .8


59.8
29.7


Mar. .Feb.
1936 1937
Cents Cents


94.0
81.5
67.5


114.0
99.8
83.2


26.5 31.6


59.5
34. 2
22.9


59.9
31.0


63.7
48.4
38.7


60.1
38.7


S25.3 29.7


62.4


Mar. Apr.
1937 1937
Cents Cents


113.0
95.7
81.0

31.7


66.2
47.9
39.2


67.2
42.7


113.0
95.5
81.0

33.2


10/69.1
10/51.5
10/45.3


70.9
49.3


29.7


70.6 11/73.3


20.0 27.2

58.4 67.1



14.3 23.3



28.7 Nominal


26.7

67.0



23.3



40.2


Foreign prices have been converted at prevailing rates of exchange.
l/ Average of quotations for each series of London sales as reported by the
London Office of the Bureau of Agricultural Economics. For months when no sales
were held figures are interpolations of nearest actual prices. 2/Top and noil
in oil. 3/ Quotations reported about the 25th of the month by the London Office
of the Bureau of Agricultural Economics. I/ National Council of Wool Selling
brokers, i/Wool Record and Textile World, Bradford. 6/South African Ministry
for Agriculture. Z/Monthly average of weekly range quoted in Revista Quincenal
de Preeios published by Salaberry, Bercetche & Cia, B.A. 8/ Average of maximum
and minimum prices for last of month. Furnished by American Consul A. W. Ferrin.
9/ Preliminary. 10/April 30. 11/ March 17.


-7-








-8-


WOOL-5


Table 2.- United States: Wool imports, consumption and machinery
activity, specified periods, 1936 and 1937


: Jan. Mar. : : :


Item


Mar. : Feb. Mar.
1936 1937 .1936 1937 1937
: 1, 000 1,00 1,000 1,,00 1,000
: pounds pounds pounds pounds pounds


imports for consumption -
Actual weight 1/
Apparel .................: 35,609 75,651 13,675 25,682
Finer than 40s ...........: 29,866 64,343 11,702 22,625
Not finer than 40s .......: 5,743 11,308 1,973 3,057
Carpet,including camels hair: 31,061 64,389 11,300 20,092


Consumption,scoured basis 2/
weeklyy average
Apparel .......... ..... ....
Carpet .....................
Aggregate
Apparel ...................
Carpet ...................


5,646
1,738

73,401
22,600'


6,220
2,933

80,864
38,127


5,052
1,856

20,208
7,424


6,430
3,203

25,722
12,814


24,849
20,526
4,323
23,120


6,582
3,128

26,328
12,511


: Percent Percent Percent Percent Percent


Machinery activity 2/
(40-hour shift)
.'orsted combs .............. :
Worsted spindles ......... :
Woolen spindles ........... :
Looms broad 3/ ........... :
Looms narrow ..............:
Carpet and rug looms .......:


129.7
78.5
11 3.5
109.2
54.5
61.9


150.0
109.5
137.2
123.2
72.0
87.7


109.5
73.9
109.7
100.9
47.1
62.8


152.7
111.2
142.8
126.0
73.7
90.9


154.1
108.5
134.2
122.4
72.S
92.8


Import figures from official records of the Bureau of Foreign and Domestic
Commerce. Consumption and Machinery Activity figures from the Bureau of
the Census.

_/ Weight of greasy scoured and skin wool added together.
2/ Figures for February and March based on 4 weeks, January to March on
13 weeks. No adjustment made for holidays.
3/ Over 50 inches.


---







T;.


Table 3.- Movement of wool in primary markets, of the Southern
Hemisphere, beginning of season to March 31, 1937
with comparisons


SAverage
Country Period '1930-31 to' 1935-36 : 1936-37
:1934-35 :
M: Mil.. b.. Mil.lb. Mil.lb.
: Receipts at selling c-enters
Australia 1/.....,,......:July 1 Mar. 31 771.3 758.3 769.8
IJNew Zealand. //.......: 180.2 240.8' 209.6
Union of South Africa ...,*: 239.9 201.4 221.8
Argentina /............ :Oct, 1 67;4 60.6 51.4
Uruguay .~ ............. ..: 100.5 104.5 110.3
Total five countries : ._ __ 135;93 1,65_.6 1,362.9..
Australia: : Disposals at selling centers
New clip wool 1/......., .'July 1 I Mr. 31 680.8 ./ 728.2 708.6
Old clip wool 6/........: 7// 32.8 26.9 22.0
New Zealand ......,......,: 160.6 231.5 207.9
Union of South Africa 8/ : 7 7/124.5 128.0 154.0
Argentina 4/.............: Oct. 1 63.7 55.9 ---


Uruguay ...,..............: "
Total three countries :
Australia:


998.7


1,114.6


1,092.5


Stocks at selling centers


New clip wool ....,......; Mar. 31 90.5 30.1
Old clip wool ,...,....; : 2.2 0.5
New Zealand 9/ .........: June 30 56.3 10.2 10
Union of South Africa,unsold Mar. 31 19.9 6.2
Argentina 4/........,....: in 6.0 5.6
Uruguay .,...,...... ... .. 26,2 20.0
Total five countries : 201.1 72.6
fX: _ort!


Australia 2/.....,.......:July 1... Mar. 31. 708.4
New Zealand 9/,........09.: o 181.5
Union of South Afric4,.....: f 213,1
Argentina ..,..........,,.,:Oct. 1 180.5
Uruguay .,.... ,.,.,,.., : ,n 80.8
Total five countries...: 1,364,3


719.5
226.5
177.7
181.3
80.3
1 ,385.3


61.2
0,5
/ 0.3
6.7
7.6
80A.
80.5._.


699.8
205.8
189.8
245.4
89.9
1,430.7


Compiled from cabled reports from Agricultural Representatives abroad and
reliable commercial sources. The statistics in this table have not been
converted to a grease equivalent because details are not always available monthly.
1/ Wool of season designated only. 2/Offerings at selling centers.
3/ Converted from data published in bales in Wool Intelligence Notes. Converted
to pounds by using Dalgety and Company estimates of average weight per bale.
I/ At Central Produce Market near Buenos Aires where between one-fourth and
one-third of Argentine clip is marketed; adjusted to monthly basis for season
beginning October 1 from weekly reports for season beginning July 1.
V/ Includes 6,531,000 pounds destroyed by fire. 6/Carried over from preceding
season. 7/ 4-year average 1932-33 to 1934-35, 8/ Sales at public
auctions only. 2/ Estimates of Dalgety and Company.
10/ Estimate for end of season. Main selling season usually closes in April.


__ ----C--ll


I~--e~-


-_ ^i


"''





3OOL-5


UNIVERSITY OF FLORIDA
ci IIIIII iilllll ll111111 11111NllllllIll 1 ll 1
3 1262 08861 5561
Table 4.- Exports of wool (grease and scoured combined) from Argentina
and Uruguay to principal consuming countries, first 6 months
new season, October 1 LMarch 31, 1935-36 and.1936-37 t


: Oct. 1 har. 31
Country of destination : Argentina : Uruguay : Total
___: 1935-36: 1936-37: 1935-36: 1936-37: 1935-36: 1936-37
: il.lb. Mil.lb. Mil.lb. Mil.lb. Mil.lb. Lil.lb.


United Kingdom .......... .51.2
Germany ....,0..........: 26.6
France ....... ... ..... : 37.6
Italy .................. : 6.1
Belgium ................: 12.8
.Netherlands ........ ...: 1.0
Japan *...................: 0.7
-United States .........:)
Canada .... .. 35.6
Ca a a .....j... .........:)


59.9
13.3
26.8
20.5
20.0
0.7
22.9

68.3


22,1
16.0
6.0
4.0-
5.2'
2.3
2.3

20.2


13.6
10.7
3.7
. 4.
S6.5
1.2
24.2

24.5


73.3
42.6
43.6
1'0.1
18.0
3.3
3.0

55.8


73.5
24.0
30.5
24.5
26.5
1.9
47.1

92.8


Total ............: 171.6 .232.4 78.1 ... 88..5 249.7 320.8
Other countries..........: 9. _9.7 13.0 2.2 1.4 11.9 14.5
Grand total ......: 131.3 245.4 80.3- 89.9 261.6 335.3


Compiled from reports furnished by .


Agricultural Attache Paul 0. IJyhus.


Table 5-- Exports of wool (grease and scoured combined) from Australia,
Union of South Africa, and New Zealand to principall consuming
countries,first 8 months new season, July 1 to February 28,
1935-36 and 1936-37
:_ '. -July 1 Feb. 28 ..-
Country of : : Union of : New :
Country of : Australia : South Africa : Zealand .- Total
destination ----S h ..... -.---- |
:1935-361336-37: 1935-3:1936-37: 5-36:1936-37:1935-36:1936-37
:Iiil.lb. iil.lb. Mil.lb. lil.lb. Mil.lb. Mil.1b.Mil.lb. Millb.

United Kingdom 210.8 241.1 42.8 20.1 79.1 62.3 332.7 323.7
Option Continent: --- --- --- --- 8.8 11.8 8.8 11.8
Germany ..........: 20.4 29.5 39.6 34.5 1/ 1/ 60.0 64.0
France ...........: 58.8 66.3 46.6 24.5 17.2 5.9 122.6 96.7
Italy ............: 2.4 20.5 0.4 7.2 1/ 1/ 2.8 27.7
Belgium ..........: 85.6 105.8 14.9 13.0 5.0 Y.5 105.5 120.4
Netherlands ......: 13.2 8.7 1/ 1/ 1/ 13.2 8.7
Japan .........: 169.8 34.9 4.2 52.8 2/11.7 2/25.5 185.7 113.-
United States ..... 21.2 58.5 3.3 4.2 8.4 16.2 32.9 78.-
Canada ...........: 1.8 2..4 1/ 1/ 6.3 6.6 8.1 9.0
Total......: 584.0 567.7 151.8 156.3 136.5 129.8 872.3 854_L.
Other countries...: 30.1 31.2 10.1 6.1 12.5 5.9 52.7 42.?
Grand total: 614.1 598.9 161.9 162.4 149.0 135.7 925.0 897.0
Compiled as follows: Union of South Africa,Agricultural Attache C. C. Taylor;
Australia and New Zealand, "17ol1 Intelligence Notes".
1/ Not reported separately if any, included with ,other countries".
2/ In addition 6,100,000 pounds were shipped to Australia in this period of 1935-
36 and 2,800,000 pounds in 1936-37 probably for transshipment to Japan.




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