AMERICAN WOOL RESERVES

Press, Volume LXXXIII, Issue 25091, 24 January 1947, Page 8

AMERICAN WOOL RESERVES

SALES BELOW PARITY PRICES SOUGHT WASHINGTON, Jan. 22. The Secretary of Agriculture (Mr Clinton P. Anderson) has asked Congress to pass legislation immediately permitting the Government to sell its huge reserves of wool at less than parity prices. Mr Anderson told the House Agriculture Committee that unless this was done wool acquired under the price support programme would be dumped on the market with possible disastrous effects when the programme ends. “The Commodity Credit Corporation owns about 460.000,0001 b of wool,” Mr Anderson said. “The corporation cannot at present dispose of large quantities of its wool stocks because it is compelled to sell at parity and is constantly underbid by importers of foreign wools.” The wool purchase price programme expires on April 15. RECORD PRICE FOR SCOURED WOOL (N.Z. Press Association—Copyright) BRISBANE, January 23. A new Queensland record for scoured wool was established at the Brisbane sales when 74d was secured for five bales from the central district.. The highest price for greasy wool was 46Jd for 15 bales from the Blackball district. The day’s offering of 12.363 bales met with a firm market. In Adelaide, greasy wool realised 45d. but the estimated average price- of the wool sold was 23d per lb. AMERICAN IMPORTS OF WOVEN WOOLLENS OPPOSING VIEWS ON TARIFFS (N.Z, Press Association—Copyright) WASHINGTON. Jan. 22. American importers of woven woollens, particularly those from Britain, have urged a reduction of tariffs in contrast to the increases urged by. manufacturers using domestic supplies. The opposing views were expressed before a special Congressional committee which is gathering data on which, the State Department may base trade agreements with 18 nations. Those opposing tariff reductions generally contend that the importation of lower-cost foreign woollens would be detrimental to American industry by placing it at a competitive disadvantage. The National Council .of American Importers contended that no evidence had ever been produced that the importation of English woollens adversely affected American industry. STOCK SALES OXFORD There was a yarding of 1110 lambs and 90 ewes at the Oxford market yesterday. TTie sale was a good One for good lines, but a dragging one for poor, unfinished sorts. Principal sales were:— On account L. Blackmore, 68 lambs at 31s Id; N. Skurr, 100 lambs at 29s lOd; 24 ewes at 19s 4d; M. H. Knowles, 60 at 295; S. C. Skurr, 140 at 29s 3d to 30s lOd; J. Morrison, 68 at 31s 4d to 32s lOd; G. A. Ivory, 75 at 28s 4d to 29s lOd. 10 ewes at 20s 4d; Mrs J. M. Southgate, IB at 27s Id; Willowdale Farm, 10 at 28s Id; client, 84 at 31s Id; G. Cottam, 11 at 26s Id, 38 at 28s lOd, 1 ewe at 14s 7d; N. Meldrum, 76 at 26s lOd; A. J. Wotherspoon, 44 at 29s 7d, 29 at 32s Id, 13 at 33s Id; J. M. Pickering, 117 at 34s Id; R. R. Horler, 10 at 27s 4d, 36 at 265; D. McGillicuddy. 91 at 25s 4d; W. Mell wraith. 25 at 25s lOd; W. M. Dailey. 54 ewes at £l. COMPANY NEWS Reliance Investment Company.—The National Reliance Investment Company, Ltd., is offering to shareholders a new issue of 100,000 shares of 10s. They are offered in the proportion of one to five at par. The books will close on February 5, and applications close on February 28. Rimu Gold Dredging Company, Ltd.— From 4®Miaxy 7 to January 21 the dredge washed x794.850z of gold from 81,418 yards of material in 250 j hours.