N.Z. WOOL SELLS AS WORLD SURPLUS SUPPLY DECREASES

Bay of Plenty Beacon, Volume 15, Issue 50, 29 May 1950, Page 5

N.Z. WOOL SELLS AS WORLD SURPLUS SUPPLY DECREASES

It was expected that less than 50,000 bales of New Zealand wool would be on hand at the end of June this year, said Mr H. A. Wagstaff, of Matamata, when speaking on the world wool supply question and the joint organisation which held world surplus stocks to Bay of Plenty farmers. Mr Wagstaff, a member of the electoral college, was addresing thfe annual conference of the Meat and Wool section of the Bay of Plenty Province of Federated Farmers. In 1945, he said, there had been a surplus of 1,770,000 bales. This was part of a surplus of 10,500,000 bales from three Dominions. By the end of June last all but 411,000 bales had been sold.

The sales of these joint organisation stocks at the end of this year were expected to return a profit of approximately £10,000,000, Mr Wagstaff Stated. This could be considered a most satisfactory ending to a plan which was first thought to be very risky. In addition, it was estimated that a further £5,000,000 would be received from the country’s charge account which had been built up from percentages deducted from wool sales over the past four years. This total of £15,000,000 would form the basis of financing a postjoint organisation marketing plan which was being considered by a delegation from the Dominions of Australia and New Zealand and South Africa and the United Kingdom. At present the scheme was