Newest Shortage

While the prices of other commodities tumbled (see The Economy), the price of wool kept going up & up. At Australian auctions a fortnight ago, fine wool which had sold in 1946 for around 65¢ a Ib. brought a record price of $2.42¼. Last week, at the Newcastle auctions, it shot up to $2.76¼, and in Tasmania superfine wool went up to $3.53. Reason: a complete change in the world wool supply.

At war's end there was more than a year's stockpile of wool on hand, about 60% of it the finer type raised chiefly in Australia and used...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!