THE WOOL MARKET.
THE QUANTITY IN ENGLAND. REALISATION PROPOSALS (From Our Parliamentary Reporter.) Wellington, March 16. The Prime Minister made a statement in the House regarding the wool realisation fund in reply to a question put by Mr. J. R. Hamilton (Awarua). He said that the Imperial Government was holding New Zealand wool that had cost £22,000,000, some of it in this country, but most of it in Britain. Against that amount there was a credit of £8,000,000, being the profits on sales of wool that had taken place during the last eighteen months. The gentleman in charge of that branch of the Imperial Government’s business took up the position that the loss on the remaining New Zealand wool would be equal to the £8,000,000 profit now in hand, and that therefore there would be nothing coming to the producers of this country. If the lass on the remaining wool exceeded £8,000,000, that would be the affair of the Imperial Government. Mr. Massey added that he did not think the loss on the remaining wool would exceed £8,000,000, and he was not satisfied with what was taking place. He had exchanged lengthy communications with the British authqrities on the subject, but he did not wish to lay the cablegrams on the table of the House at the present time. Another message was being drafted that day. He was anxious that the British authorities should hold on to the £22,000,000 worth of wool as long as possible, partly in order to permit of the sale of the new clip, and partly because he believed the market would improve later. He thought that the New Zealand producers would be entitled to some share of the £8,000,000. They would get a share if the market improved. Mr. J. V Brown (Napier): “Has all the wool gone to England, or is some of it still here?” Mr. Massey: “I don’t know.” Mr. Brown: “Is any of it stored in Gisborne?” (Laughter.) Mr. Massey: “I don’t know where it is stored.”
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Taranaki Daily News, 18 March 1921, Page 5
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336THE WOOL MARKET. Taranaki Daily News, 18 March 1921, Page 5
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