Wool Board And Commission
A correspondent on Saturday referred in his letter to the Wool Board when he presumably meant the Wool Commission. Our oversight in printing the letter uncorrected makes it the more desirable to try to clear up at least some of the public confusion over these two organisations. The Wool Board is solely a promotional organisation which, up to now,, has been heavily subsidised by the Wool Commission. The commission’s reserves, unfortunately as it turns out, have been invested mainly in New Zealand Government Stock, and the interest on these investments has been mostly paid to the board. The commission’s funds originated in the war-time bulk trading in wool and are entirely the property of the woolgrowers. Because the growers, unlike their Australian counterparts, were prudent enough to put that windfall into a reserve fund, they have been able to finance a massive support operation this season; but because successive Governments have, refused to let the commission invest the funds abroad the sale of the commission’s reserves this season has brought in only New Zealand—not overseas—funds. The woolgrowers cannot be blamed for that.
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Bibliographic details
Press, Volume CVII, Issue 31381, 29 May 1967, Page 12
Word Count
186Wool Board And Commission Press, Volume CVII, Issue 31381, 29 May 1967, Page 12
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