£13,000,000 WOOL SURPLUS

Press, Volume LXXXV, Issue 25933, 13 October 1949, Page 4

£13,000,000 WOOL SURPLUS

Post-JO Marketing Plan Funds

STATEMENT BY MR G. A. DUNCAN

(New Zealand Press Association.) WELLINGTON, October 12.

Mr G. A. Duncan, chairman of the New Zealand Wool Disposal Commission, said to-day that it was estimated the New Zealand Government’s half share of the Joint Organisation profits on New Zealand wool would be about £8,000.000. The estimated balance of growers’ contributory charge funds would be about £5,000.000. bringing the total to approximately £13,000.000. A recent report from Australia said the Commonwealth Government proposed to return to Australian woolgrowers £25,000,000, representing their share of the profits on the sale of Australian JO wool.

Mr Duncan said that in New Zealand, in terms of an agreement between the Government and the Wool Board in August of last year, the final balance of profit accruing to the Government from JO operations would be used to establish a post-JO marketing plan for wool. The balance of the growers’ contributory charge moneys would be used for the same purpose.

The agreement also provided that the policy of any post-JO marketing plan would be determined by mutual agreement between the Wool Board on behalf of the growers and the Government. The final amount available would depend on the realisation of the remaining stocks of wool..

It was reported on July 28 that there was at least £4.500.000 available if a post-JO organisation was established, this figure being the then ascertained New Zealand share of the profits. It was also stated that the balance of the contributory charge, an amount then unstated, would also be available if a marketing organisation was established. It was thought the Joint Organisation would have disposed of the war-time surplus of wool by the end of the 1949-50 season.