Wool Cheque Causes Concern

Press, Volume CIV, Issue 30760, 26 May 1965, Page 18

Wool Cheque Causes Concern

(From Our Own Reporter)

WELLINGTON, May 25.

Although increases in export receipts for meat and dairy produce will go some way towards meeting the fall of £3O million in the current season’s wool cheque, as estimated by the London agent of the New Zealand Wool Commission (Mr F. S. Arthur), the Government does not view the fall with equanimity.

It was aware before Mr Arthur’s estimate that a decline was likely, but did not think this would be as much as £3O million.

Last season’s receipts were in part something of the nature of a windfall, and there is support for the view that a good case exists for an equalisation of wool prices. New Zealand manufacturers using wool were adversely affected by last season's prices, and this has been reflected in retail costs.

The wool season has two months to go, and does not correspond with the financial year, at the end of which, last March 31, New Zealand’s export receipts amounted to £19,100,000 more than in the 1963-64 year. Overseas exchange transactions showed a deficit of £6,100,000 for the year compared with £5,400,000 in 196364. Wool receipts were £l4 million lower than they were in the previous year, but meat showed an improvement of £17,800,000.