BUYING-IN OF WOOL

Press, Volume CVI, Issue 31365, 10 May 1967, Page 18

BUYING-IN OF WOOL

Defence By Mr Acland

(From Our Own Reporter) WELLINGTON, May 9.

“Like many commentators in these difficult times, Mr Rosenberg tends to blame the scheme rather than the market for the situation in which we find ourselves,” Mr J. Acland, chairman of the Wool Board, said in Wellington tonight

“In The Press’ yesterday Mr Rosenberg advocates a guaranteed price scheme for wool in place of the present buying-in policy employed by the New Zealand Wool Commission. There is no doubt that auction prices have fallen by 6d a pound this season, and equally there is no doubt that it can be only a matter of guess-work as to how far prices would have fallen if the 450,000 bales bought by the commission had not been withdrawn from the market.

“The important thing to remember is that prices have been sustained for the 900,000 bales sold to the trade at the 36d level, including 300.000 bales on which the commission has bid,” Mr Acland said. “The commission has not allowed the depressed market to become even more overloaded with a commodity temporarily not wanted. The stocks held by the commission are not valueless as Mr Rosenberg seems to imply. They will be sold at appropriate market levels, and the current shortfall in overseas income will be made good,” said Mr Acland.