WOOL AUCTIONS

Otago Daily Times, Issue 26199, 9 July 1946, Page 6

WOOL AUCTIONS

DETAILS OF SCHEME HIGHER RETURN EXPECTED (PA.) WELLINGTON, July 8. A statement has been issued by the New Zealand Wool Board explaining details of the wool disposal scheme brought into force by regulation on July 3, 1946. “The New Zealand Wool Disposal Commission has now arranged, in con--formity with the plan recommended by the delegates who attended the London conference, to recommend wool auction selling during the coming season,” says the board. “ Sheep farmers will be able to offer theii wool as in pre-war times either through their own brokers, privately, or by shipment to London. All sheep farmers’ wool offered at auction will have the protection of a reserve price fixed by United Kingdom-Dominion Wool Disposals, Ltd., in London. The overall average reserve price for 1946-47 is 13.46 d per lb sterling, which is equivalent to 16.74 d per lb, New Zealand currency, the amount being spread over all types according to quality, and will vary little from last year’s prices. "To meet the expenses of the commission the levy has been fixed at 7$ per. cent, for the coming season, and this will be collected from all the current clip wool and also includes the New Zealand Wool Board levy. It is anticipated, however, that, with the possible exemption of a few types of wool, all sheep, farmers will receive a net price (after payment of commission and levy) of not less than that received for their 1945-46 wool. ", The price per lb quoted above actually represents an overall increase of 0.87 d per lb, or approximately 6 per cent. Sheep farmers will, of course, receive the auction price for all wool for which more than the commission s reserve price is bid. Wool which does not reach the reserve price will be bought in by the commission, but sheep farmers, as in pre-war days, will have the right to fix their own reserve prices and withdraw their wool if it does not reach their reserve price. Any wool so withdrawn may be reoffered, but it will then be treated as new wool and will have to await its turn.’’