WOOL REALISATION

New Zealand Times, Volume XLVII, Issue 10850, 16 March 1921, Page 5

WOOL REALISATION

CREDIT OR DEBIT BALANCE POSITION OF NEW ZEALAND GROWERS? 1 SMALL HOPE HELD OUT. So far as the wool-growers of New Zealand were concerned, was there a credit balance or a debit balance in connection with the wool realisation scheme? asked Mr J. R. Hamilton (Awarua) in the House of Representatives yesterday afternoon. The' position in regard to wool sold to the imperial Government, said Mr Massey, was that that Government had in store —some in this country, but tho greater part in England—New Zealand wool which had cost it 22 _ millions. Against that there was a credit of eight millions, resulting from the profits on sales during the last 18 months. Sir Arthur Goldfinch, the gentleman in charge, took up tho position that the loss on the 22 millions’ worth would be equal to the eight millions now in hand ; and therefore there would he nothing coming to the growers of this country. If there was a balance there might be something for the New Zealand wool-growers. If however, tho losses exceeded eight millions, that was the business of the Imperial Government. But he thought the British Government would take pretty good care that they would not. He was not quite satisfied with what had happened in regard to the matter. He had had a lengthy correspondence in regard to it, and had just cabled saylngthat he was anxious for the to hold on as long as it could to the 22 millions’ worth of wool; and. that for two reasons. The first was that' if they placed it on the market it would make it difficult for our wool-growers to place the present clip ; and the other was that he believed that the wool market would improve, and that tho ivool-grow-ers would get something In addition to the It millions of surplus wool profits thev had already got. Mr J. Vigor Brown (Napier) : Has all tho wool gone Home, or is some still stored in Gisborne? (Laughter.) Mr Massey: Some is still stored here. Mr Vigor Brown: In Gisborne? Mr Massey: I cannot say.