“We Did Our Damnedest”

Press, Volume CVII, Issue 31500, 14 October 1967, Page 1

“We Did Our Damnedest”

(New Zealand Press Association) WELLINGTON, October 13. “We did our damnedest but we can’t carry the world on our shoulders,” said Mr J. Acland, chairman of die Wool Board, tonight....

Mr Acland said the reserve price scheme had successfully cushioned the effect of < calamitous fall in price, and had performed a great service for the country. “This season, we tried to set a new level which would see a return to satisfactory trading,” he said. “But everything has combined against it' You cannot simply blame the Government or Bradford, the South Americans, or the makers of synthetics.” South American and Australian wools were being sold freely at prices very much below the commission's floor, said Mr Acland.

The economic recovery of Britain and several major European markets had not come as quickly as anticipated. The new auction price would allow New Zealand wools to compete with other crossbreds and also with synthetics in the field.

Although the commission had received a promise of financial support from the Government, said Mr Acland, it had undertaken to set a floor price that would move the clip.

The problem was not merely the price of competitors, but the fact the trade would never accept that the floor could be maintained.

While the Government and the commission sincerely de-

dared their determination to support the floor price, other factors apbke more loudly: the state of the market, the stockpile, and some New Zealand commentators whose remarks were widely published. The Napier sale had not been a good indicator, said Mr Acland. Although, the percentage bought was less than at earlier sales this season, the competition was mainly for the selection of second shear and crutchings. Fleece wool! were not in demand and the increasing purchases by the commission as the sale progressed demonstrated this. “We were very reluctant to make the decision but the pattern of buying in the new season’s sales made it inevitable,” said Mr Acland.