‘Gate Post9 Wool Sales Disliked

Press, Volume CV, Issue 31061, 17 May 1966, Page 17

‘Gate Post 9 Wool Sales Disliked

(N.Z. Press Association —Copyright) BRISBANE, May 16. “Gate post” sales of wool by graziers could disorganise Australia’s whole wool marketing system, according to the Australian Wool Board chairman, Sir William Gunn.

About 30 per cent of Western Australia’s wool clip was now being sold direct to buyers by graziers who received cash “on the gate post.” he said. This sale represented 70 per cent of the good combining wool available in Western Australia. Sir William Gunn said “gate post” sales were spreading in South Australia and Victoria and isolated cases had been reported in Queensland.

The Australian Wool Board had appointed a committee to investigate the implications of these sales.

“The big danger is that these sales adversely affect wool auctions, and auction prices do not give a true indication of the value of fleeces. “If these sales are not curtailed they could lead to disorganisation of the wool marketing auction sales system,” he said. The main buyer was a Western Australian company which resold the wool to mills.

li.donesia and I.M.F.—lndonesia needs at least 1200 million U.S. dollars to stabilise its economy, and should rejoin the International Monetary Fund without delay, Mr Sumanang, assistant to the Minister in Charge of the Economic “National Planning Body,” has said in Djakarta. —Djakarta, May 16.