£8,000,000 For N.Z. Woolgrowers
WELLINGTON, Wed. (P.A.)—Mr G. Duncan, chairman of the New Zealand Wool Disposal Commission, said today it was estimated that the New Zealand Government’s half-share of the Joint Organisation wool profits would be about £8 000,000.
The estimated balance of growers’ contributory charge funds would be about £5,000,000, bringing the total sum to approximately £13,000,000. A recent report from Australia stated that the Commonwealth Government announced that it proposed to return to Australian woolgrowers £25,000,000 representing their share of profits on the sale of Australian J.O. wool.
New Zealand’s position in relation to J.O. profits was explained today by Mr Duncan.
He said that in New Zealand, in the terms of the agreement between the Government and the Wool Board in August last year, the final balance of the profit accruing to the Government from J.O. operations would be used to establish a post-J.O. marketing plan for wool.
The balance of the growers’ contributory charge moneys would be used for the same purpose. The agreement also provided that the policy of any post-J.O. marketing plan would be determined by mutual agreement between the Wool Board on behalf of growers, and the Government.
The final amount available would depend on realisations of the remaining stocks of wool* said Mr Duncan.
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https://paperspast.natlib.govt.nz/newspapers/NA19491013.2.28
Bibliographic details
Northern Advocate, 13 October 1949, Page 4
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212£8,000,000 For N.Z. Woolgrowers Northern Advocate, 13 October 1949, Page 4
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