COMMISSIONS ACTIVITY Week’s Buying More Than Any Season’s

Press, Volume CVI, Issue 31316, 11 March 1967, Page 14

COMMISSIONS ACTIVITY Week’s Buying More Than Any Season’s

(New Zealand Press Association)

WELLINGTON, March 10.

The Wool Commission has had more wool passed to it this week than it has bought in any other season, the manager, Mr H. L. M. Peirse, said tonight.

About 53 per cent of the 26,000 bales offered at today’s Wellington sale were passed to the commission.

This week about 48,000 bales have been taken by the commission, compared with about 46,000 bought during 1957-58, the previous record season for commission purchasing.

The commission has bought about 270,000 bales so far this season. This represents about 25 per cent at the total offerings. At last month’s Wellington sale 48i per cent of the wool was passed to the commission. Yesterday’s bidding on lamb’s wool was slightly more in buyers’ favour. Stock Expansion

Commenting on the effect of the continuing low wool prices, the director of the Agricultural Production Council, Mr R. C. Stuart, said farmers were not panicking. Although there was a certain amount of natural cautiousness and consolidation, the growth in stock numbers had not lost its momentum.

The Government had made it clear to farmers that development finance would continue to be available. At present the council’s district committees were conducting careful surveys of farms throughout the country. Income Losses North Island hill country farmers would probably be the worst affected by the low wool prices. A farmer with 1100 ewes would probably have a gross reduction in income of more than £lOOO, but with taxation reassessment he would not lose that much in net cash. Although loans would continue to be available, if the low level of prices continued, fanners would have less Un-

ance to plough back into their farms. “The critical point is what will happen if wool stays down next season,” Mr Stuart said.