THE WOOL MARKET.

Taranaki Daily News, 7 May 1921, Page 8

THE WOOL MARKET.

RESTRICTING AUSTRALIA’S EXPORTS. FIXATION OF PRICES. By Telegraph.—Press Assn.—Copyright. Melbourne, May 6/ In the House of Representatives, Sir Joseph Cook introduced a series of reaolutions providing for the operation of the wool scheme, previously cabled, prohibiting export for a term not exceeding six months at prices lower than the fixed reserve.

Sir Joseph Cook explained that the fixed reserve referred to the average price of the various types into which Australian wool had been classified. Some wool would be worth 3s or 4s, other wool might only be worth a penny or twopence per pound, but in the classification of the various types the average price must work out at the fixed reserve of eightpenee. Sir Joseph Cook added that he hoped the resignation of the German Ministry was a prelude to a more reasonable attitude on her part, for the sooner they could make arrangements with Germany to return to her old scale of purchases the ‘better it would be for Australia. The first thing was to bring Germany to her senses, but the moment that had been done and the principle of reparation conceded Australia should encourage her and all the Central Powers to take wool and other products. After a friendly debate the resolutions were adopted by 30 votes to 3.