£360,000 FOR WOOL

Waikato Times, Volume 125, Issue 20990, 18 December 1939, Page 6

£360,000 FOR WOOL

PAYMENT TO GROWERS PROMPT DATE TODAY STIMULUS TO BUSINESS Today was the prompt date for the first appraisement for Government purchase of wool in the Auckland Province and approximatey £380,000 was due for distribution to wool growers in the province. A very substantial proportion of the cheque will come to Waikato growers. About 23,500 bales were appraised at Auckland from November 18 to 28, during which period the appraisers were engaged. A statement that a cheque for £476,910 for wool appraised at Auckland, Tolaga Bay and Tokomaru Bay had been paid into the Reserve Bank account by the Bank of England was made earlier this month by the Minister of Marketing, the Hon. W. Nash. The Marketing Department, he said, was ready to make payment to brokers on the prompt date. Second Appraisement Brokers are now busy buying further clips for the second appraisement, the tentative date for which has been fixed for January 22. Wool is coming in steadily and the Parnell stores present a busy appearance. The cheque being distributed today represents 95 per cent of the total due. The remainder is retained by the Government in the form of a suspense account, and will be distributed at the end of the season when any adjustments may be made. Waikato business houses should benefit to no small extent by the distribution of the cheque in time for Christmas buying. The cheque is a bigger one than that received from the first auction last year, when 24,028 bales brought £339,896. The effect of the distribution of this month’s cheque on the volume of trade should be more marked for another reason, as it comes just at the peak of Christmas buying, and not as early as last Beason, when the first cheque was distributed on December 10.

THE AUSTRALIAN CLIP BIG INCREASE FOR YEAR TO SELL AT £59,000,000 ( l’Dl ted Press Assn.—Elec Tel. Copyrimt) (Received Dec. 18, 11.58 a.m.) MELBOURNE, Dec. 18 An official estimate of the Australian wool clip for the current season is 3,371,500 bales, an increase of 409,000 bales over last year. At the price of sale to the British Government this should return to growers about £59,000,000 compared with £42,000,000 in the open market last season. ALLOTMENT TO AMERICA CONSTRUCTIVE INFLUENCE STATEMENT BY LEADERS (t'nlted Press Assn —Klee. Tel. Copyright) (Received Dec. 18, 12.30 p.m.) NEW YORK, Dec. 17 Messrs Arthur Besse and McClyde Moore, president of the Boston Wool Trade Association, in a joint statement on the wool announcement, say it is most welcome to the trade generally, and expressed the opinion that it will have a highly constructive influence. “Our analysis is that the industry can proceed confidently with the allotment of 75,000,000 bales, equivalent to £12,000,000 worth of clean wool, a small quantity to supply United States industry until the new domestic markets are available in May, June and July. It should be realised that some time before the Australian wool was available the mills were informed that there was no possibility that the British authorities would offer lower prices.”