Wool Output Rises To Record Level

Press, Volume CVI, Issue 31116, 20 July 1966, Page 1

Wool Output Rises To Record Level

(New Zealand Press Association) WELLINGTON, July 19. Wool production jumped 11.5 per cent to a record level of 694.8 million lb greasy during the 1965-66 season, the chairman of the Wool Commission (Mr E. L. Greensmith) announced today.

The total value of the clip, based on the auction average of 41.62 d per lb, is £120.5 million. This was the third highest value ever recorded, said Mr Greensmith. During the Korean War the record of £142.7 million was established, and two years ago the total value was £141.5 million. In terms of actual sales the weight disposed of was 700 million lb greasy, compared with 602.5 million lb a year ago. “The fact that we could sell

5.9 million lb more than we produced resulted from the difference in stocks of unsold wool at the end of the two seasons,” said Mr Greensmith. “Last year there a carryover of 36.8 million lb greasy, compared with 30 million lb this year.” Mr Greensmith said that wool was likely to earn mere than £l2O million in foreign receipts this year, compared with £lO9 million for 1964-65. The official figures are expected from the Reserve Bank soon.