WOOL RESERVE PLAN PRAISED

Press, Volume CIII, Issue 30498, 21 July 1964, Page 3

WOOL RESERVE PLAN PRAISED

(New Zealand Press Association)

WELLINGTON, July 20.

The Australian Wool Board’s recommendation of a reserve price within the auction system would be of great benefit to wool producers and consumers throughout the world, said the chairman of the Wool Board, Mr J. Acland, today.

He was commenting on the Australian board’s report calling for a conservative floor price not based on production costs, which was presented to the Australian wool industry conference, at Canberra, last week. “As Australia produces about 50 per cent of the exportable wool of the world, the results’ of her investigations into marketing have been eagerly awaited,” said Mr Acland.

“It is extremely pleasing that this report, which has taken many months of exhaustive inquiry, should come down so strongly in favour of a reserve price scheme within the auction system,” the marketing method New Zealand adopted in 1950 which was later followed by South Africa.

“There are, of course, some differences betwen the Australian board’s recommendations and the New Zealand system, but I am sure both consumers and producers throughout the- world will benefit tremendously if the floor price scheme is put into operation in Australia,” said Mr Acland.