Wool
Sir,—Mr Acland has recently congratulated the Wool Commission for “proving itself a strong bulwark” of the country’s economy. Just what he means by these colourful words I do not know. The fact is that the Wool Commission is buying into stock thousands of bales of crossbred wool at up to 6d per lb above the world price, and at the present rate of progress will probably own, by the end of June, about 400,000 bales of what can be truthfully described as an overvalued article. This also means that about £2O million of overseas exchange has been temporarily lost to New Zealand, with no immediate prospect of recovery. Contrary to the Wool Board’s hopes, and indeed predictions, there are no signs of any improvement in the crossbred market. In fact, indications are that values may well decline even further during the next 12 months.— Yours, etc., D. N. AMBLER. March 10. 1967.
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Bibliographic details
Press, Volume CVI, Issue 31316, 11 March 1967, Page 12
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153Wool Press, Volume CVI, Issue 31316, 11 March 1967, Page 12
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