Wool co-op year

Press, Volume CX, Issue 32458, 19 November 1970, Page 9

Wool co-op year

Wool intake had increased, 19 per cent in a season in which there had been a marked increase in private! selling, says the report of! the directors of the New Zealand Co-operative Wool Marketing Association, Ltd. South Island wool constituted 34 per cent of that total. Ninety-five per cent of sales had been made on a direct basis with 75 per cent being sold in scoured form. The company’s four scouring plants had a record production, which was 14 per cent up on last year. A new plant had been ordered for Waitara with a substantial part of the finance for this coming from a loan of $125,000 from the Wool Board. Total sales of wool had exceeded s9m, an increase of about 22 per cent on last yeas in spite of a 10 per cent reduction in prices. “The selling season was a ■ very difficult one, with the • market consistently maintain- ■ ing a downward trend,” say • the directors, "so the profit of • $114,866 ($111,198 last year) • is very satisfactory, especially 1 in view of the large increase • in our interest charges as a result of the new payout sys- , tem. However the benefit of I this more prompt payment to i suppliers more than justifies,