UNITED STATES DEPARTMENT OF AGRICULTURE
Bureau of Agricultural Economics
Washington

WOOL-17 May 10, 1938



___uME14s5 P. .PT T HE WOOL SITUATION




U.S. DEPOSITORY Summary

Indications are that domestic wool -prices will remain near present

levels in the next few months. While some increase from the current low level

of domestic mill consumption of wool is likely to occur in the second half of

1938, the Bureau of Agricultural Economics points out that wool prices also

will be affected by relatively large supplies of raw wool in the United States

and foreign ma rrkets.

Stocks of apparel wool held by and afloat to United States dealers and

manufacturers totaled 217 million pounds, yerose basis, on March 26, and

it is estimated that there were about 22 million pounds of domestic shorn

wool on ranches and farms and in local warehouses in the 13 Western Sheep

States, Total stocks at the end of March were considerably larger than on

the corresponding dates of 1936 and 1937 and probably were above the average

April 1 stocks of the past 10 years.

As the 1937-38 wool season in the Southern Hemisphere draws to a close

it becomes increasingly evident that any decrease in the coming (1933-39)

Southern Hemisphere wool clip which might result from deficit rainfall now

reported in some areas will be offset by a larger carry-over at the end of

the current season than a year earlier. Apparent supplies on April 1 in the

five principal Southern Herrisphere countries were estimated at about 1 billion

pounds and were 35 percent l?.rrer than a year earlier and larger than April 1

supplies in any of the 10 preceding years.






7/0 0 L- 17


The wuackly rate of mill consumption of apparel wool in the United

States in March was 14 percent lower than in February and 60 percent lower

than in March 1937. Consumption of apparel wool in the first quarter of 1938

was the lowest reported, for any first quarter in the past 21 years of record,

IMill activity in recent months apparently has been much lower than the sales

of wool items to consumers, and stocks of finished and semi-finished wool

goods have been reduced. In view of the present reduced stocks of manufactured

wool goods, some improvement in mill consumption from current low levels is

expected within the next few months.

United States imports of apparel wool for consumption in March were

less than a million pounds and wecre the smallest monthly imports of such wool

since the early part of 1933. .'ith stocks of domestic wool relatively large

and with new clip wool bccrc-ing available,imports are likely to continue

small during the rest of 1938.




DOMJIZSTIC SITU.'TIOII

BAC'KGRGTU:D.- Weakness in mill demand and generally
unfavorable business conditions in the latter part
of 1937 and early months of 1938 'ere accompanied
by rapid declines in wool prices in the United States
and foreign countries. Stocks of raw: wool have
accumulated in the U.iited States and in Southern
Hemisphere selling centers but stocks in foreign
consuming centers arc relatively small. The domestic
wool -rice situation was strengthened in Marchby
the announcement of : Federal Govermr.ent loan program
for domestic wool and by slightly higher prices in
for'in mAr-rkcts.


-2-






WOOL-17


Sales and Prices


Little change was reported in the domestic wool market in April.
While sales continued smrdll, prices remained firm at Boston. Price advances
were reported on sales of new clip wool in thu Middle 7eIst. Avorage prices
for graded wools at Boston in April were about 40 percent lower than a year
otrlicr.

Spot 1/4 blood bright fleece wools of the old clip were sold at 26-28
cents a pound at the end of April, with similar new clip wools in the
Middle West selling through Boston houses at 25-26 cents delivered to eastern
markets. Quotations for fine staple bright fleece wools at Boston at the
end of April averaged 28 cents a pound, grease basis, unchanged front a month
earlier. Quotations for similar 3/8 blood wool averaged 27 cents a pound
at Boston at the end of April, unchanged from March.

Choice territory clips in original bags chiefly of staple combing
length, were 66-68 cents a pound, scoured basis, the latter part of April,
a slight increase over final M..rch quotations. Prices of fine Texas wools
also advanced slightly in April.


Outlook for Domestic Prices


The outlook for domestic wool prices has not changed materially in the
past month. The new 1938 clip is coring on the market slowly and prices
reported early appear to be well maintained. The loan program of the Federal
Government for domestic wools will be an iLportant stabilizing influence on
domestic wool prices in the next few months. As reported in the April wool
Situation the relatively large carr;-jvor of wool into the new season is
likely to prevent any material increase in prices at the current low level of
mill consumption. Stocks of raw wool held by manufacturers on March 26,
however, were the smallest in the past 4 years of record and even a moderate
ir.iprovei.icnt in mill activity would be likely to result in increased mill
demand for raw wool.

Mill activity in recent months apparently has been much lower than
the sales of wool items to consumers and it seems probable that the large
accumulations of stocks of finished and semi-finished goods which resulted
from the high mill activity in the first half of 1937 have been sh..rply
reduced. With these inventories being fairly well used-up, some improvement
in mill consumption probably will occur by late summer or fall.


Wool Stocks

Stocks of ap.arel wool hold by, and afloat to United Jt-Ltes dealers and
manufacturers totaled 217 million pounds, grease basis, on MIrrch 26,
according to reports to the Bureau of the Cjnsus. In addition the Department
of Agriculture estimates that there were about 22 million pounds of domestic
shorn wool on ranches and farms and in local country w arehousos in the 13
Western Sheep States, making a total of 239 million pounds.


-3-





WOOL-17


-4-


While the reported stocks on a grease basis on March 26 were 33 million
pounds smaller than on December 31 they were 26 million pounds larger than
at the end of March 1937, about 49 million pounds larger than in March 1936
and probably were above the average April 1 stocks of the past 10 years.
Stocks this year, however,were believed to be smaller than in March 1933 and
1935 when stocks in this country were unusually'large for that time of year,

Stocks reported by dealers and manufacturers on March 26 this year,
with comparisons, are shown on a scoured equivalent basis in the accompanying
table. These figures include wool afloat and in bonded warehouses but they
do not include wool held on farms and ranches and in local warehouses in the
producing States. Stocks of apparel wool reported by manufacturers, only,
on March 26 were the smallest in the past 4 years of record. Although total
stocks held by dealers and manufacturers at the end of March on a grease
basis were slightly larger than a year earlier, they were smaller than a
year earlier when converted to a scoured basis. This difference is due to
the fact that the stocks at the end of March last year included a larger
proportion of light shrinking foreign wool than did the stocks at the end of
March this year.


Stocks of raw wool top and noil held by dealers, topmakers and
manufacturers in the United States,scoured basis,
March 26, 1938 with comparisons

: 1937 / : 1938
Item Mar. 27 Dec. 31 Mar. 26

: 1,000 1,000 1,000
: pounds pounds pounds

Apparel wool, total .........: 120,526 118,115 109,330
Dealers ...................: 36,929 71,816 63,574
:Donestic .............; 19,075 62,243 55,092
Foreign on hand .......: 13,J26 9,221 3,303
Foreign afloat ........: 4,028 352 179
Manufacturers and topmakers..: 83,597 46,299 45,756
Domestic ...............: 39,616 30,339 30,399
Feroign on hand .......: 36,650 15,4'18 13,304
?creign a loat ......... 7,331 52 1,553
Carpet woolo total, ..........: 37,42 44,641 34,2?7
Dealers ....................:. 2,434 3 592 3,643
1Manufacturers ...............: 35,028 41,049 30,654
Tops .....................: 23,528 30,053 25,785
Noils ........... .........: 12,496 10,279 7,596

Compiled fr m Bureau of tho Census quarterly Wool Ztc.ck Report,
March 26, 1938. These figures are believcd to include more than
96 percent of the total stocks held by and afloat to all dealers
(including Commissionhousos, pullers and cooperatives), topmakers,
and manufacturers in the United States on the dates specified.
1/ Revised,






TOL-17 -5-


It was stated in the February issue of the Wool Situation that stocks
of wool roorted for t he end of 1937 ':erc considerably smaller than the indicated
stocks at the end of that year. This also appears to be the case for the stocks
reported at the end of :i:rch.

If it is assumed that the stocks in the hands of dealers and manufacturers
and on farms and in local warehouses in Western States at the end of 'arch 1937
represented the total supply of wool in the United States at that time, it
should be possible to add to this total figure on stocks the 1937 production
and the imn-crts from April through March 1937-38 and thereby arrive at a figure
on the total supply of wool which became available in this country during the
year beginning April 1, 1937. If the mill consumption of wool for the year
beginr.ing April 1 last year is then deducted from this figure on total available
supplies for the year 1937-38, the result should be about equal to stocks
on hand on April 1, 1938. It is this figure which has been termed indicated
stocks at the end of :.I:-ch 1938. As shown in the following table, this figure
on indicated stocks is about 45 million pounds larger than the stocks reported
at the end of I.arch this year. The reasons for the discrepancy between indicated
stocks and the reported stocks are not known, but in view of the discrepancy
it appears probable that neither figure provides an accurate measure of supplies
of wool in the United States.


Stocks of apparel wool on hand, end of March 1937 and 1938
(Million pounds, grease basis)


Item : 1937 : 1938


Stocks reported in hands of dealers and
manufacturers ........... .... .......*: 213 217
Stocks of foreign wool afloat 1/ ............: 19 3
: 194 214
Stocks held on farms and ranches and in local
warehouses in 13 Western Sheep States .....: 2/ 22
: 194 236
General imports of apparel wool,
April 1937 rch 1938 60
pril 1937 :..rch 1938 ................... 60
Wool production (shorn and pulled) in 1937 .... 433
Total supply of wool in the United States,
April March 1937-38 ...................: 687
Mill consumption April through March 1937-38.._ 406
Difference equal indicated stocks,
end of March 1938 ......... ..............: 281
Excess of indicated stocks over resorted
stocks ....................... ... ... ....:. 45
: 236

1/ Although stocks of foreign wool reported afloat are a part of the
existing supply, they are included in imports at a later date. Because
of this they have been deducted from the reported figures on stocks.
2/ Less than 500,000 pounds.







7: L-17 -6-



.001 Irr orts

United States imports of ,--:;'el wool for consu. .~tion in ;::-rch were
less than a million pounds and were the smallest monthly imports of such
wool since the early part of 1933. Imports for the first quarter of this
year amounted to only 4.4 million pounds compared with 75.6 million pounds
impr:orted in the same months last year.

The first quarter of the year is normally the period of heaviest
imports. With stocks of domestic wool relatively large and with new clip
wool becoming available, imports are likely to continue small during the
rest of 1938.

pill Consumption

Consumption of apparel wool by United States mills in March averaged
2,603,000 pounds, scoured basis, per week. The March rate of consumption
was 14 percent lower than in February and 60 percent lower than in March 1937.
Consumption of apparel wool, scoured basis, in the first quarter of this year
was the lowest reported for any first quarter in the past 21 years of record.

Consumption in the first 3 months of 1938 was equivalent to 58 million
pounds of shorn wool, greasy shorn basis, and 15 million pounds of pulled wool.
!.iill consumption on a grease basis in the same months of- 1937 was equivalent
to 135 million pounds of shorn wool and 22 million pounds of pulled wool.

The sharp curtailment in mill consumption in recent months has not
boon accompanied by a corresponding drop in consumer purchases of wool goods
and a largo part of the stocks of finished and semi-finished wool goods which
accumulated in 1937 probably have boon disposed of. To date, however,
orders have boon small for new fall season fabrics which wore offered by
mills in -:T.rch.


Per Capita Consumption of Raw Textile Fibers in the United States,
1918-37


The table on the following page shows annual per capital consumption of
cotton, wool, rayon and silk in the United States for the period 1918-37.
The consumption fi-ures are on a calendar year basis. Figures for cotton and
wool are based on mill consumption reports cf the Bur,-.u of the Census.
Figures for rayon are based on production, stocks and trade, and the silk
figures are based on net imports, These data are shown graphically at the
end of this report. I,.. ,,rtant developments shown in the figure include the
marked increase in rayon consumption since 1920, the downward trend in ::col
consumption for the period as a whole, and the failure of silk consumption to
regain any appreciable part of the consur..ption lost in the 1930-34 declinr.






WOOL-17


Per capital consumption of cotton, wocl, silk and rayon,
United Statos, 1918-37


SWool I l/

Calendr : Cotton :Apparol : : Rayon : Silk
: : and : Apparel:
year
: : carpet : : :
: Pounds Pounds Pounds Pounds Pounds

1918..............: 30.0 3.85 3.58 0.05 0.46
1919..............: 28.5 3.13 2.70 0.09 0,,52
1920...............: 27.7 2.95 2.4 0.09 0.36
1921..............: 25.1 3.17 2.77 0,18 0.48
1922. .............: 27.7 3.70 2.85 0.22 0.53
1923..............: 29.3 3.79 2.79 0.29 0.55
1924........... ...: 24.3 3.02 2.21 0.37 0.53
1925.............. : 28.0 3.05 2.19 0.51 0.66
1926..............: 28.8 2.94 2.19 0.52 0.66
1927..............: 31.7 3.00 2.19 0.85 0.72
1928..............: 27.8 2.78 1.94 0.84 0.73
1929..........: -29.4 3.03 2.08 1,08 0,80
1930............: 22.2 2.14 1.63 0,96 0.65
1931......*.......*: 22.3 2.51 1.92 1.27 0.71
1932...............: 20.6 1.84 1.51 1.22 0.60
1933.............: 25.3 2.52 1.95 1.69 0.56
1934..............: 21.9 1.81 1,32 1.54 0.48
1935...... ........: 22.6 3.16 2.38 1.97 0.57
1936..............: 20.2 2.99 2,17 2.32 0.53
1937............: 29.5 2.73 1.92 2.02 0.50



T tal consumption for calendar year divided by population estimates
to obtain consumption per capital.
Population estinatcs from the Bureau of the Consus.
Cotton consumption and wool consumption front. reports of the Bureau
of the Census.
Rayon consumption based on production, stocks and trade.
Silk Not imports for the calendar year as reported by the Bureau
of Foreign and Domestic Co rierce.
1/ Scoured basis.






700OL-17


FOREIGN SITU.1T ION

WooV sales and Prices


The improvomnnt reported in.the foreign wool price situation in March
was fairly well maintained through April.' Increased buying by Japan in
Australia and. Now Zealand in the past few months and steady buying by the
United Kingdo.i and continental Europe has been acco..panied by firr.cr prices
on all good quality wools in those markets.

Prices for fine warp wools in Australia and the Union of South Africa
in March and early April wore above the February low point,'but' average
prices for March wore about 30 percent lower than in March 1937.

The regular selling season closed April22 in Now Zcaland, and offerings
in South Africa are now mostly short wools. The Australian season will be
extended to Juno this year because of the slow movement in the first part of
the selling season. In view of the recent improvement in derm.nd, prices for
good quality wools.in Australia are likely to remain near present levels during
the remainder of the season.

The South American narkets continued sor.;oehat irrogula.r in il.rch.
Sales werc.snall but prices sho.cod little change.

No wool auctions were hold at London in April; the next series in
that market will open May 10.


Southern Hemisphero Wool Supplics April 1

On April 1, when the now wool season opened in the Northern Hemisphcro,
stocks in primary markets of the Southern Homisphcre wore nuch larger than on
the same date a year earlier. As the Southern Honisphoro season draws to a
close it boconcs increasingly evident that any decrease in the coming (1938-39)
Southern Honispherc wool clip which may result from drought in somn areas will
be offset, or nore than offset by stocks to be carried over from the current
season, It is indicated, at present, that the carry-over of sodium and coarse
wool nay exceed that of fine wool.

This indication of the carry-over at the end of the 1937-38 season is
based on the fact that visible stocks of wool namely stocks at selling centers
of the five I/ principal countries of the Southern Hoiisphere on April 1 -
wore 70 percent larger than the quantity on hand at the sar: date a year
earlier and the largest April 1 stocks for the past 9 years for which records
are available These visible supplies on April 1, coreovur, constituted only
31 porcont of the total apparent supplies, 2/ or the estimated quantity available
for disposal during the remainder of the current export season.

1/ Australia, Now Zealand, Union cf S-uth Africa, Argentina and Uruguay.
2/ Carry-over fro.; preceding season plus estii.ated production minus experts to
March 31, No account taken of relatively small quantities sold but not yet
ox,.orted nor of quantities used for domestic consu..ption.


-8-







WOOL-17


Taking into account scni-official revisions in the production estimates
reported last month for the 1937-38 season, apparent supplies on April 1 wore
about 1,043,000,000 pounds, 35 percent larger than a yeararealir and larger
than April 1 supplies in any of the 10 preceding years. So far this season
only 51 percent of theostimated total available supplies for the season had
boon exported, compare with 63 percent a ycar ago during the corresponding
period and an average of 62 percent for the sam.e period of the five seasons
1931-32 to 1935-36.

While production for the 1937-38 season in those Southern Hoeisphere
co'mtries is estimated to be abcut 1 percent larger than in the 1936-37
season, receipts at selling centers are still running 1 percent smaller.
So far, however, Australian receipts are 5 percent larger than fort he sane
period last season and Now Zealand receipts are about the sane. In the Union
of South Africa, Argentina and Uruguay receipts for the season through March
wore 13 percent, 14 percent and 17 percent, respectively, smaller than
during the same period a year ago, despite the fact that production in the
last two countries is estimated to be larger this season than last*

Present indications of production prospects for the 1938-39 wool clip
in the Southern Hoenisphere, shearing of which will begin in about 4 months,
are rather meager. Rainfall in the sur;;ir season (Doceo.-ber February),
however, cane rather late this year, according to all reports. For several
months, conditions in the interior of the Union of South Africa and parts of
Australia and Argentina wero very dry as a result of below average winter
and spring (June Novc:ber) rainfall in 1937. This deficit rainfall probably
affected the 1937-38 clip sronwhat but --.y affect the 1938-39 clip even more
unless conditions from now on are exceptionally favorable. The condition of
pastures and sheep are now generally good with only a few exceptions. A
dry winter season is not unusual in the Southern Hemisphcre, but this season
the dry conditions appear to have boon :oreo widespread and to have continued
longer than usual,

Soe;c losses of shop wore reported in difeoront Southern Hciisphere
countries toward the end of the dry spell, but the ooxtent of these losses
is not yet known,

Exports of wool from the five Southern He.oisphore countries from the
beginning j/ of the season through .larch totaled 1,1O05,000,00 pounds, a
decrease of 20 porcoet compared with the sane period last :eason and a
decrease cf 19 percent compared with the aver.age for the five seasons 1931-32
to 1935-36. There has boen a decrease, so far, of 13 percent in experts
from Australia and the Union of South Africa the principal fine wool
exporting countries and a decrease of 33 percent in exports front U ::.
Zealand, Argentina and Uruigu1y which produce riinly nodiun and coarse wools.


3/ Season begins July 1 in Australia, Now Zoalind and the Union of South
Africa and on October 1 in Argentina and Uruguay.






WOOL-17


Supplies in I;..rtJ.:i: C. urtrios

Such infcr;.ation !.s is availiblo indicates that supplies of raw wocl
remain relatively low in most importing countries altho'-h there has been
some seasonal increase in stocks in the past few months. whilel e imn:orts
into certain European countries from July through February were larger
than in the same months of 1936-37, imports into all of the principal
importing countries except Germany and Belgium were much smaller than the
average July to February imports of the five preceding years. This decline
in imports, however, has resulted in the accumulation of stocks in the
Southern Hemisphere.

Stocks of raw wool in public warehouses at the chief ports of the
United Kingdom and in railway and canal depots in Yorkshire at the end of
February were about the same as a year earlier and were much smaller
than the average for that date in the 5 years 1933-37 accorling to
statistics published in "Wool Intelligence Hotos", Stocks reported in
February wore concentrated chiefly at the ports. Since Ilovember, stocks
in Yorkshire, which are considered to indicate roughly the trend of stocks
in the hands..of m'm-ufacturors, have been unusually si;ii ll, probably
reflecting the decline in mill consumption in that period.


Manufacturing Activity in Importing-. Countries

The decline in international trade in wool and wool products since
last sunimer is clearly reflected in the English wool textile trade. Exports
of wool tops from the United Kingdom in the first quarter of 1938 were 38
percent smaller than in the same months of 1937, exports of wool yarns wore
28 percent smaller, and exports of vcool tissues 16 percent smaller than a
year earlier. With the wool manufacturing industry greatly dependent on
the export trade, mill consumption of wool has boon sharply curtailed in
recent months.

The British Ministry of Labour r:e rts that 20,8 percent of insured
workers in the woolen and worsted industry wore rogistcred as unemployed
on ::.rch 14 compared with 20,4 percent a month earlier and 6.8 percent a year
earlier. Un-r.,ploynent vas higher in the first quarter of 1938 than at
any tinec since the summer of 1934.

Statistics now available for continental European countries indicate
that the export trade of the French and Italian wool textile industries
improved slightly in the early months of 1938 compared .,ith the low levels
of last year.


-10-






SUPPLEMENTARY DATA

Table 1.- Price of wool per pourd. in specified markets and prices of
textile raw materials in the Uited States, selected periods,
1936-30


Market and description


.Average :Average:
. 1936 : 1937


: 1938
1937 :
Apr. Feb. Mar.


: Cents Cents Cents Cents Cents


Boston:
Territory combing scoured basis-:
64s, 70s, 80s, (fine) ......:
56s, (3/8 blood) ...........
46s, (low 1/4 blood) .......:
United States:
Farm price, 15th of month, grease
basis ...................... :
London: /
Average quality, clean cost 2/- :
70s ........ ......... .... .. :
56s ....................... :
46s .. ... .. .
Bradford: 3/
Scoured basis -
64s warp ............... ....:
50s .. .. .. .............. .:
Australia:
Average price at all selling
centers, greasy wool 4/........
Sydney (Delivered Bradford) 5/-
70s warp,clean basis .......:10/
Union of South Africa:
Average export price,greasy
wool ...... ....... .. ... ......
Price at selling centers 6/-
70s warp, clean cost ......:12/
Argentina:
Buenos Aires Market
Buenos Aires, South and South-
east coarse crossbred greasy- :
32s 50s .................:13/
Uruguay:
Montevideo market
Fine crossbred,greasy-
50/56s 60s .............
Coarse crossbred -
32/36s 44s ............ :
United States:
Textile fibers .
Wool, territory fine staple Z/-:
Cotton, 7/8 ri-iddl i :n 8/ ......:
Silk, Japanese 13-15 9/......:
Rayon yarn 150 denier ......:


92.0
80.4
65.9


26.9


58.4
35.1
23.8


59.8
29.7


23.0


101.9
87.1
72.1


113.0
95.5
81.0


70.6
60.0
51.5


69.0
58.3
51.0


18.9 18.3


42.6
31.5
27.5


43.4
27.9


19.6

49.9


17.5


62.1
46.3
39.5


64.7
43.2


68.6
51.2
45.1


70.9
49.3


43.9
33.5
29.3


42.8
26.1


24.7 28.6 20.1


62,9 11/67.5


21.4


76.7 51.0


25.1 27.9 17.6


60.5 12/62.9




15.6 14/21.7



34.2 16/39.8

23.9 16/30.8


92.0
11.9
176.6
50.6


101.9
11.2
186.0
62.2


70.0 43.8 49.5


15/ 16.4



42.8 20.7

33.5 17.8


113.0
13.9
197.5
63.0


70.6
8.9
159.2
54.0


14.8



18.6

16.8


69.0
8.9
163.4
54.0


Continued -


Apr.


Cents


69.0
57.5
51.0


32.0 33.2 20.2


45.7
28.0


69.0
8.8
161.9
54.0


'IFJO~jL-17


-11-







WOOL-17 -12-



Table 1.- Price of wool per pound in specified markets arnd prices of
textile raw materials in the United States, selected pericds,
1936-53 Continued



Foreign prices have been converted at prevailing rates of c change.
Yearly averages are averages of monthly prices, except United States
farm price which is lighted average.

1/ Average of quotations for each series of London sales reported by the
London Office of the Bureau. For months whcn no sales were hl~d-' figures
are interpolat.c,
2/ Top and noil in oil.
3/ Quotations reported about the 25th of the month by the London Offire
of the Bureau.
1/ National Council of Wool Selling Brokers of Australia.
/ Wool Record and Textile World, Bradford.
6/ South Africa rlinistry for Agriculture.
I/ Scoured basis, -oston market.
8/ Average at 10 markets,
9/ 78 percent white, at New York.
10/ 7-month average. No quotations April to August.
11/ 8-month average. No quotations May to August.
" 2/ ". n.-'mont "'average. lio quotations, June to August.
13/ 10-month average.
1I/ 4-month average.
1_/ No quotation.
16:/ 5-month average. Only months quoted.








WOOL-17


Table 2


.- United States: Wool imports, consumption and machinery
activity, specified periods, 1936-38


: Jan. Dec. : Jan. Mar.::
SItm : Mar. Feb. Mar.
Item 1936 1937 1937 1938 1937 1938 1938

: 1,000 1,000 1,000 1,000 1,000 1,000 1,000
: pounds pounds pounds pounds pounds pounds pounds


Imports for consumption,
actual weight 1/ :
Apparel ...........
Finer than 40s ...:
Not finer than 40s:
Carpet,including
camels hair .......
Consumption, scoured
basis 2/-
Weekly average -
Apparel .......a..... :
Carpet ..........
Aggregate -
Apparel ......... ..:
Carpet


110,712
84,759
25,953


150,160
126,601
23,559


75,634
64,326
11,308


4,360
3,228
1,132


143,276 172,091 64,324 7,354


5,351
2,029

278,258
105,504


: Per-
: cent


4,772
2,023

248,121
105,197


Per-
cent


6,242
2,954

81,150
38,405

Per-
cent


2,709
922

35,211
11,982


24,832
20,509
4,323

23,055


6,615
3,128

26,460
12,512


Per- Per-
cent cent


1,462
1,146
316


829
563
266


2,173 2,724


3,023
996

12,090
3,982

Per-
cent


2,603
1,082

10,412
4,328

Per-
cent


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


121.1
83.5
114.2
98.9
51.9
68.3


115.2
82.2
107.8
97.2
51.0
71.3


149.9
109.3
137.5
124.3
71.9
88.0


61.1
43.9
65.7
63.9
28.2
40.8


153.7
108.3
135.0
123.5
72.9
92.7


63.6
45.6
76.3
70.0
28.3
43.2


53.0
34.1
56.9
53.8
28.1
45.3


Import figures from official records of the Bureau of Foreign aid Domestic
Conmerce. Consumption and machinery activity figures from the Bureau of the
Census,
1/ 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.


-13-






T00L-17


Table 3 ,- Stocks of wool hold by d-ealors, nrnufacturcrs and
topmakors in the United States b:y class and origin,grcase basis,
1934 to dato

SL.pparel ,.ooi I/ :
Carpet
: Stocks held by : Oriin
V woor 1
Date :nanufactur( rs: : Totl all
:Dealers : and :Domestic:Foreign : 2o :foreign
: topmakers : : -'
: ,000 1,000 1,000 1,000 1,000 1,000
pounds pounds po uds s pounds poundss pounds
ounds o rn I poundsa


31 :
30 V
29 :
31 i :

30 4:
29 .. .-:
28..... :
31.....:

23..... :

268.. .:
27..... :
26.....:
31.....:

27... ...:
26.....:
25... .:
31. ...


195"601
171. 46
99,928

69,688
156 ,908
142 :.609
100,862

62,400
1430005
156,010
149,432


1934 -
IL1ar.
June
Sept.
Dec.
1935 -
Mar,
June
Sept.
Dec.
1936 -
1iar.
June
Sept.
Dec.
1937 -
nar.
June
Sept.
Dec,
1938 -
Mar.


123,874
171,463
134,605

119 ,17
138,158
118,989
146,019

150,350
139,382
120,168
90,005

86,24,2


337,?24
382,6883
342,157

261,265
296, ,/o
29 b, 57o
317,653
191,100

122,417
241,433
222,541
169,561

116,361
2197,95
224,383
200,660


41,162
35,178
30,591

28,10,5
22 9
./,- 1 -
43,433

67,08&
53 ,713
39 ,057.
77,320

96,3j9
67,431
51,790
30,827


378,386
418,066
372,748

'39.3 o
3119 ,'475
344: ?
234,533

189,505
295, 146
261,593
246,581

212,753
287,337
276,175
239,4'37


180,311 36,150- 216,431


-- --'- --- ---- --'---- -
Bureau of Agricultural Economics. Compiled from Bureau of the Census ?uatrterly
Wool Stock Reports. These statistics are believed to include over 95 percent of
the total stocks held by and afloat to all dealers, topmakers and manufacturers
in th'e United States.
1/ Includes foreign wool afloat.
2 In addition, the Dopartment of Agriculture estimates that stocks cf old clip
wools on farms and ranches and in local warehouses of the 13 western n sheer States
on specified dates were as follows: 1935, December 4,50O000 pounds;
1936, March 350,000 pounds; December 1,800,000 pounds; 1937, i'arch 330,000
pounds; December 31,600,000 pounds; 1938, March 22,500,000 pounds.
/Not available.
/ These figures are approximations obtained by convertin: scoured basis to
grease equivalent. Stocks figures wore not reported on a grease basis by the
Bureau of the Census until June 1935.
5/ Subject to revision.


26 5/ : 130,219


55,252
54,237
46,673

41,907
43,004
51,795
51,772

55,049
49,060
47,462
53,959

53,923
.1,172
59.346
63,471

49,637








Table 4 .- Exports of wool (grease and scoured andvashed combined)
from Australia and the Union of South Africa first 8 months of
season, July 1 to February 28, 1936-37 and 1937-38

: : Union of
Country of : Australia 1/ : South Africa 2/ : Total
destination ---
: 1936-37: 1937-38 :1936-37 : 1937-38: 1936-37 : 1937-38


: Mil. b.


United Kingdom ....:
Germany .,.......... :
France ... ... ....:
Italy .............., :
Belgium ............:
Netherlands ........*:
Japan ...............:
United States .....*:
Canada ........... ..


241.1
29.5
66.3
20.5
105.8
8.7
34.9
58.5
2.4


Total..... ... .. 67..7
Other countries.....: 31.2
Grand total..........: 598.9


Mil.lb. Mil, b. Mil. b. Mil.lb.
213.3 20.1 23.9 261.2
39.0 34.5 58.0 64.0
91.3 24.5 27.7 90.8
25.5 7.2. 8.4 27.7
66.1 13.0 12.8 118.8
5.4 3/ 3/ 8.7
27.7 52.7 0.2 87.6
3.7 4.2 0.3 62.7
2.6 j/ _/ 2.4
__7~6 156.2 131.3 723.9
33.2 6.2 6.5 37.4
507.8 162.4 137.8 701.3


Mil, lb.
237.2
97.0
119.0
33.9
78.9
5.4
27.9
4.0
2.6
-605.9
39.7
"645.6


Wool Intelligence Notes.
1/ Statistics of the Commonwealth of Australia Bureau of Census and Statistics.
2/ Report of the South African Trade Commissioner in London.
3/ If any, included with "other countries".


Table 5 *- Exports of wool (grease,scoured and washed combined)from
Argentina and Uruguay to principal consuming countries,first 6
months of season, October 1 to March 31, 1936-37 and 1937-38

Country of : Argentina : Uruguay : Total
destination : 1936-37: 1937-38 : 1936-37: 1937-38 : 1936-37 : 1937-38


: Mil.lb. Mil.lb. Mil. b.


United Kingdom.......
Germany .............
France ...... ..... ..:
Italy ....... ..........
Belgium ............
Netherlands ........
Japan ....,..,......
United States .......
Total .........
Other countries......


: 0.0 32.0
: 9.5 28.0
20.8 21.2
14.1 3.8
S14.1 6.1
S 0.6 0.7
S18.5 4.0
5 8.9 4.9
S186-.5 1 00-.7


13.6
10.7
3.7
4.1
6.5
1.2
24.2
24.5


Mi l. b.
11.5
16.0
2.6
3.4
3.1
1.6
1.9
0.4


Mil. Ib.
63.6
20.2
24.5
18.2
20.6
1.8
42.7
83.4


88.5 40.5 275.0


M, i1. lbb.
43.5
44.0
23.8
7.2
9.2
2.3
5.9
5.3
141.2 "


8.8 7.... . 1.4 3.3 10.2 10.9


Grand total .........: 195.3 108.3 89.9 43.8 285.2 152
Trade reports supplied by Buenos Airos Office of the Bureau of Agricultural
Economics.
1/ If any, included with "others".


. 1


WOOL-17


-15-





























































































































































I






WOOL.APPAREL:
CONSUMPTION


MI
IN


LL CONSUMPTION AND IMPORTS FOR
THE UNITED STATES, 1933 TO DATE


POUNDS
( MILLIONS)
80


60




40




20




0


JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN. JULY JAN.
1933 1934 1935 1936 1937
*ESTIMATES OF NEW YORK WOOL TOP EXCHANGE SERVICE


U. S. DEPARTMENT OF AGRICULTURE


NEG. 32651


JULY
1938


BUREAU OF AGRICULTURAL ECONOMICS


FIGURE I




UNIVERSITY OF FLORIDA

111111111111llill11llill l
3 1262 08861 5892

PER CAPITAL CONSUMPTION OF COTTON, WOOL, SILK.
AND RAYON, UNITED STATES. 1918-37
POUNDS
Cotton
30.0 NMf


20.0





10.0
9.0
8.0 --
7.0
6.0
5.0 Wool, apparel and carpet
(scoured basis)
4.0





2.0 __-_-

Wool, apparel
(scoured basis)

1.0 .....
0.9

0.7 --
o. -- -- --.--." .. .-- -- -- ---.


0.5 7;ego->*N_
0.4 Silk

0.3 I


0.2 r

I

I.
I
0.1 19t il 9 1 [ 19 6 19 1II9
1918 1920 1922 1924 1926 1928 1930 1932 1934 1936 1938


U. DEPARTMENT OF AGRICULTURE


MEG. 34273 BUREAU OF AGRICULTURAL ECONOMICS


FIGURE 2.- SINCE 1920, A MARKED INCREASE HAS OCCURRED
IN RAYON CONSUMPTION; THE CONSUMPTION OF SILK HAS DROPPED
CONSIDERABLY SINCE 1929, AND THE TREND IN WOOL CONSUMPTION
HAS BEEN DOWNWARD FOR THE PAST 15 YEARS. THESE DEVELOP-
MENTS ARE SHOWN IN THE CHART,WHICH IS SO ARRANGED THAT A
GIVEN PERCENTAGE CHANGE IN ANY OF THE ITEMS SHOWN IS AL-
WAYS REPRESENTED BY THE SAME DISTANCE ON THE VERTICAL
SCALE, REGARDLESS OF THE LEVEL FROM WHICH THE CHANGE OC-
CURS.