NEW ZEALAND PROFITS FROM WOOL DISPOSAL

Bay of Plenty Beacon, Volume 14, Issue 41, 21 September 1949, Page 6

NEW ZEALAND PROFITS FROM WOOL DISPOSAL

Wellington, Tuesday

An estimate of the profits likely to pccrue to New Zealand from the operations of the Joint Organisation set up to dispose of the accumulated wartime wool stocks was given to the Electoral Committee of the New Zealand Wool Board recently by 'Mr G. A. Duncan, chairman of the New Zealand Wool Disposal Commission, which does the work of the Joint Organisation in the Dominion. Mr Duncan said that in December 1948 the final payment due by the New Zealand Government on account of the £13.3 million sterling which it owed as its one half share of the cost of opening stock, was made out of the proceeds of sales. Thus, no part of this liability of the New Zealand Government to the United Kingdom Government had to be found in cash.

“Assuming the sale of the balance of the New Zealand stock wool on hand at June 30, 1949 (413,000) at not less than £2O per bale and assuming there is no further buyingin of wool and that these remaining stocks can be sold not later than the end of the 1950/51 season, the New Zealand Government’s half share of the final profit from J.O. is estimated at £8 million,” Mr Duncan said.