“FALLACY OF PRICE CONTROL.”

Timaru Herald, Volume CXXV, Issue 18499, 21 February 1930, Page 9

“FALLACY OF PRICE CONTROL.”

Wool Outlook Discussed

“MUST WORK OUT ITS OWN SALVATION.” (United Press Association —By Electrlo Telegraph—Copyright.) SYDNEY, February 20. Under the heading “The Fallacy of Price Control,” the Sydney “Morning Herald” editorially condemns the proposal put to the Federal Government to aid the scheme for holding off the market 200,000 bales of this season’s wool clip, and a similar quantity next season, in the hope that prices will increase. ■The “Herald” points out that growers have the right to do what they like'with their wool—either to combine voluntarily or to offer the wool when and how they please—but they have no right to coerce into their line of action any of their class who do not agree with them. “The Government would be false to its trust if it used the national credit in a scheme to maintain prices temporarily with the grave risk that the Treasury would have to meet the deficiency.

“Wool prices to-day are what they are because 6f increased production. There must be no artificial control. Wool, therefore, must work out its own salvation.”

CONCERN IN BRITAIN. FEDERATION’S REPLY TO NEW ZEALAND. (United Press Association—By Electrlo Telegraph—Copyright.) (Received February 20, 7.30 p.m.) LONDON, February 19. The British Wool Federation, replying to a cable message from the New Zealand Selling Brokers’ Association, says: “Regret growers are withholding offerings. Confidence will not be restored by this action. If the Press intimation is correct that the sale will be held despite the representations of the Buyers’ Association, the Federation registers its protest.”