The 15 Per Cent. Increase In Price of Wool

Manawatu Times, Volume 68, Issue 59, 11 March 1943, Page 4

The 15 Per Cent. Increase In Price of Wool

Speaking on the much discussed sub- ; ject of the 15 per cent, increase in the price of wool at a meeting of the Manaj watu Provincial Executivo of tho Farmers’ Union yesterday, Mr. L. Hammond i (Hunterville) said it was not generally I known that tho Farmers’ Union and Sheepowncrs* Federation had made a better offer to tho Government than tlie war bond proposal made by the Government to tho sheepfarmers. The offer had been to accept 10 per cent, in negotiable war bonds and 5 per cent, in cash. The Government’s offer was 9.3 per cent, in cash and 5.7 per cent, in non-negotiable bonds. Mr. Hammond said it would be interesting to know what the Commissioner of Taxes was going to assess these lion-negotiable bonds at for income tax purposes. The chairman (Mr. H. J. McLeavey): Pay your income tax with them. Mr. Hammond: But they are not negotiable and even if you could they wouldn’t be worth their face value. That also means the woolgrowers are not getting a 15 per cent, increase. Mr. Hammond said tho Union was also not going to stand for tho “vicious” policy -of subsidising of local industry Y/hlch was the effect of tho Government not making (he 15 per cent, increase apply to wool used in New Zealand. However, it was not intended to allow this matter of 15 per cent, drop and he ventured the opinion that it would be made a major issue at the coming elections.. Many farmers were becoming disheartened at the continual setbacks they had had to face. A Levin remit: “That tho 15 per cent, increase be paid in cash and in full,” was carried.