AUSTRALIAN WOOL CHEQUE

Press, Volume LXXXVII, Issue 26512, 29 August 1951, Page 7

AUSTRALIAN WOOL CHEQUE

Drop Of One Third “Inevitable” 8 pjn.) SYDNEY, Aug. 28. ft Douglas Copland, Vice-Chancel-teof the Australian National Univerntr commenting on prices at the openftj’sale of the wool season, said: “A Suction of at least one third in Stralia’s gross national income from «ol seems inevitable. if the average price reaches iMd per ft) the loss of income, comMred with last vear, will be well over >lO6OOOOOO. but it will not be surnncinv if the loss is as much as mooaooo. -This will put Australia in a much w favourable position regarding its balance of payments, particularly as the volume of other exports is declmand Australian imports are at an high, representing about 25 ocr cent of the gross national proauchon. It is an illusion to think that the Australian economy is buttressed by an impregnable international reierve in sterling.” The decline in prices will be cushioned for the grazier by the return of moneys totalling £113,000,000. Tta X is made up of £45,000,000, levied by the Federal Government under the wool stabilisation scheme which last week was rejected by a

referendum of graziers, and £68,000,000 from sales under the Joint Organisation. the Federal Government may propose a system by which this money will be lent bv graziers, but faced by heavy expenses and declining woof prices, many graziers are expected to refuse mis offer.