Wool Steady To September

Press, Volume CVIII, Issue 31724, 6 July 1968, Page 38

Wool Steady To September

At the opening of the new woolselling season the prices to growers will continue to be supplemented up to an average floor level of 25c per lb. But this arrangement will be reviewed early in September after the completion of the winter wool sales.

When this announcement was made yesterday, the chairman of the Wool Commission, Mr E. L. Greensmith, said that in future floor - price policy would be reviewed each September. When the floor price to growers is reviewed in September this year the decision will then apply until the end of August next year. The commission has also decided to adhere to 16|c as the average level at which it will buy wool at auction. This price will be maintained until the end of August next year after the winter sales. APPROVAL

price is being held at a level sufficiently low to preclude large scale buying-in becoming likely,” said the president of the Woolbuyers’ Association, Mr B. P. Hill, of Christchurch.

“It would appear that the level of the reserve price to growers, at the present stage of the market, will not involve the commission in any substantial supplementation.” The announcement of the maintenance of the commission’s average buying price at 16ic until August next year was sensible, said the North Island vice-president of the New Zealand Woolbrokers' Association, Mr R. R. Trotter. “It lets the trade know where It stands.”

The Government agreed with what the Wool Commission was doing, the Minister of Agriculture, Mr Taiboys, said in Invercargill last evening. The decision to await the outcome of the winter sales before further reviewing the floor price to growers appeared to be a wise one. The commission had taken a reasonable attitude, said the Dominion president of Federated Farmers (Mr P. S. Plummer, of Waipara). “At present value, our wool is selling well, although we do not want to push it too high too fast I am glad to see the review of the 25c coming early in September—this needs to be under review all the time.” “The announcement of the commission is very close to the opinions expressed at the Dominion meat and wool conference of Federated Farmers and must be acceptable to the majority of woolgrowers,” said the president of North Canterbury Federated Farmers (Mr W. N. Dunlop). “To defer the decision on the support price to growers for the ensuing year until September will allow greater accuracy in assessing market trends and economic conditions. “The maintenance of the same buying-in price as in most of last season until September, 1969, was the only practical decision under present circumstances,” Mr Dunlop said. “I think it is comforting to realise that the buying-in