DOMINION’S SHARE

Otago Daily Times, Issue 27210, 13 October 1949, Page 5

DOMINION’S SHARE

JOINT ORGANISATION WOOL PROFITS USE IN NEW MARKETING PLAN PA WELLINGTON, Oct. 12. Mr G A. Duncan, chairman of the New Zealand Wool Disposal Commission, said to-day that it is estimated that the New Zealand Governments half-share of the Joint Organisation wool profits would be about £8,000,000. The estimated balance of the growers’ contributary 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 had announced that it proposed to return to Australian woolgrowers £25,000,000, representing their share of the profits on the sale of Australian JO wool. New Zealand’s position in relation to JO profits was explained to-day by Mr Duncan. He said that in New Zealand, in terms of the agreement between the Government and the Wool Board in August last year, the final balance of profit accruing to the Government from the JO operations would ba used to establish a post-JO 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-JO marketing plan would be determined by mutual agreement between the Wool Board on behalf of the growers and the Government. The final amount available would depend on the realisation of the remaining stocks of wool, said Mr Duncan.