HIGH WOOL PRICES

Otago Daily Times, Issue 26957, 17 December 1948, Page 5

HIGH WOOL PRICES

MR HOLLAND’S CHARGES DENIED CASE FOR MILL OWNERS PA AUCKLAND, Dec. 16. “We are sure that Mr Holland will take immediate steps to correct the impression left by the necessarily abridged Press Association report of his reference in a Christchurch address last night to the reasons for the very high level of prices at yesterday's wool sale in that city," says a statement issued by the New Zealand Woollen Mill Owners’ Association. Mr Holland was reported as saying. “That was why prices were so high. Local milis could buy all the wool they wanted at high values and the Government made up the difference.” The association points out that wool is one of the few products of New Zealand which are sold at auction at world market levels and that simultaneously with Mr Holland’s reference to a price of 81d at Christchurch there appeared a press report of the price of 152 dat Melbourne. New Zealand woollen mills could hardly be accused of being responsible for that price leyel. Finally, the price level at the Christchurch sale was established by overseas buyers before any of the local mills made* a purchase of a single lot. One overseas buyer for foreign interests bought at the Christchurch sale more than double the total purchases of New Zealand mills, and another’s purchases exceeded the local mills’ total. These buyers established a price level which the local mills were forced to follow.