THE SALE OF WOOL.

Taranaki Daily News, 29 November 1919, Page 8

THE SALE OF WOOL.

CHARGE OF PROFITEERING, STATEMENT OF DEPUTY CONTROLLER. By Telegraph.—rress Asan.—Copyright, London, Nov. 24. The Deputy Controller of raw materials, on behalf of Sir A. H. Goldfinch, assured the Australian Press representatives that lie had no knowledge of the proposed investigation of profiteering in wool. He admitted that the high current prices resulted in considerable profits, but Government wool was subject to open competition at auction, which appeared to be the fairest, and most equitable way of disposing of stocks. The high prices could be corrected by re-establishing the system of fixed prices, but such artificial interference with the restoration of normal trade was undesirable. It was also unfair to Australian and New Zealand growers, who were entitled to the highest market price and to share the profits with the British Government. The only other way of reducing prices was to prohibit export and eliminate foreign buying. Approximately half the imported wool was re-exported. If foreign buying was eliminated, as during the early part of the year, the quantity available would be greatly increased, but, in view of the adverse exchange, the Government was anxious to encourage exports. It was satisfactory to note that the export of manufactured woollens had alreaay considerably revived. They were trying to market an increased quantity, but the capacity of the workers to handle it, owing to' the reduction of the hours of dockers, warehousemen and raihvaymen, put a limit on their efforts, while the difficulties of transport and the congestion at the docks increased the task pf satisfactory distribution to manufacturers. Meanwhile the world demands for woollens is enormous, and, particularly in view of the war destruction in Europe, it was improbable that artificial reduction of prices of raw wool in England would be effective in seriously reducing the prices of manufactured goods —Aus.-N.Z. Cable Assn.