WOOL PROFITS.

Hawke's Bay Tribune, Volume X, Issue 44, 4 February 1920, Page 5

WOOL PROFITS.

NEW ZEALAND’S SHARE.*

DISTRIBUTION DELAYED. STATEMENT BY PREMIER.

Wellington, Feb. 4. In a statement made by the Prime Minister relating to the surplus profits on wool resold by the Imperial Government, in which profits New Zealand producers share equally with the Imperial Government, Mr Massey said : “It will doubtless be of interest to wool-growers to know that the latest reply received to the representations made by our own Government to the Imperial authorities for an early settlement of interim accounts, in order to enable a distribution of the Dominion’s share of the profits on wool transactions unaer tfie Imperial Government's requisition to be made to glowers, is to the effect that a final settlement of the question is impossible until an agreement is reacned with various Allied Governments as to rebates on wool disposed toi those Governments entitled to inclusion in the partnership arrangement with the dominion.

“ft is pointed out that the whole matter is of great magnitude, and that difficulties have been accentuated owing to the drastic and compulsory reduction in the staffs of the Imperial Government Departments concerned. Growers may accept my assurance, however, that no effort will be spared to secure a settlement in the shortest possible time, and preparations have already been made at this end which will ensure prompt distribution when the necessary particulars are received from London and the funds made available.

“While on this subject I would point out that so much lias been stated in press reports regarding the enormous profits made by tfie Imperial Government on its Australian wool pur chases that it will do no harm to examine the position as far as New Zealand wools are concerned and may avoid disappointment to those growers who, basing their estimates on the information referred to, may have an exaggerated idea of the amounts they are really to receive. Very high prices have been realised at London sales, but it is a far cry from coarse and medium greasy crossbred wool to the special lines of superfine scoured wool for which these extreme prices have been paid in London. However, the prospects appear very good of a large aggregate sum being ultimately made available to New Zealand growers, which it is proposed shall be distributed as promptly as possible as instalments are made available by the Imperial Government.”