MARKETING OF WOOL

Press, Volume LXXXVII, Issue 26511, 28 August 1951, Page 3

MARKETING OF WOOL

REFERENDUM IN AUSTRALIA COMMENT BY CHAIRMAN OF N.Z. BOARD (New Zealand Press Association) ■■Tn. xt WELLINGTON, August 27. New Zealand Wool Board is very disappointed that the Australian growers rejected the Post-Joint Organisation plan, because the board was satisfied that the proposal was to the advantage, not only of woolgrowers, but of all sections of the community,” said the chairman of the board (Mr N. R. Jameson), commenting to-day on the result of the "referendum on the Post-Joint Organisation scheme in Australia. .“The board, however, had considered the possibility of Australia rejecting the scheme, and has given serious thought to alternative proposals,” he said.

Woolgrowers would recall that the money to finance the Post-Joint Organisation scheme was already available, but it must be clearly understood that because of the rejection by the Australian growers of the plan there were now two entirely separate funds. The first was the accumulation of about £6,000,000 in the contributory charge account, which was controlled by the Wool Board. The second was the surplus profit from the capital account of about £18,000,000.

In 1948 an agreement was reached with the Government that it make available to the industry the profits from the sale of war-time stocks of wool, subject to the growers also making available their share of the accumulated funds in the contributory charge account for a Post-Joint Organisation plan, said Mr Jameson. This meant, he said, that failing the adoption of such a plan the £6,000,000 in the contributory charge account would be paid to the Wool Board, to be applied as the board thought fit for the benefit of the woolgrowing industry. The second amount, the £18,000,000 representing the final balance of profit from the transactions of the Joint Organisation, would be available for the benefit of the wool industry as might be agreed upon between the board and the Government.

The previously-mentioned alternatives to the discarded Post-Joint Organisation scheme would be discussed, he said, at the usual monthly meeting of the board and at the annual meeting of the board’s electoral committee, both of which would be held this week. .