EMPIRE WOOL SCHEME

Wanganui Chronicle, Volume 90, Issue 166, 19 July 1946, Page 5

EMPIRE WOOL SCHEME

DETAILS COMPLETED (N.Z.P.A.—Special Correspondent). Seed. 7.30 p.m. London, July .18. “Completely successful,’’ is the description given to the reeently-eoneludcd meetings of the [ nited Kingdom-Wool Disposals, Limited, by .Mr. George A. Duncan, chairman of the New Zealand Wool Disposal Commission. With Mr. 11. E. Davis, of the New Zealand .Marketing Department, he is a director of the new .joint organisation. "Decisions have been arrived at for launching new plans for the inauguration of auctions in Britain, Australia, New Zealand and South Africa in September, and the establishment of the parent body in Britain, and the necessary statutory organisation in the three Dominions,” said Mr. Duncan. ‘‘The establishment of this unique Empire partnership has been achieved by the completion of a series of agreements between the British and Dominion Governments, and by the formation of a private joint stock company in London.

‘‘ln this company Britain has four shares and four votes, Australia two shares and two votes, and New Zealand and South Africa one share and one vote. Agreements between the Governments are that they will carry into effect the report of the 1945 wool conference already adopted, and endorse the establishment of the parent company, its shareholding and | toting basis, and its financial . and other responsibilities in teims of the wool conference report. “There is also an agreement between the company and each Dominion organisation which sets out their duties and responsibilities in offering wool at auctions, and in the assessment of reserve prices for individual lots of wool from stocks or current clips being offered for sale. Antony the duties of the N*ew Zealand organisation, which will be a disposal commission, will be to take up wool offered at auction for which the reserve price or better has not been offered by buyers, and to conduct financial operations of the joint or- j ganisation in New' Zealand.” DETAILS FINALISED Mr. Duncan said that many matters | dealt with by the directors had in- , eluded the appointment of staff and of Mr. F. S. Arthur as general man- | ager. The recommendation which { was adopted by the Governments was that the initial general level of re- ) serve prices shall be the same as the | 1945-46 average selling price ex store ( in the Dominion concerned. It also f agreed that in the absence of quite ' unforeseen circumstances these reserve prices will be maintained throughout the wool year 1946-47. that auctions should begin m September and that details of existing wool stock shou’d be published. The procedure for the conduct of sales by auction, the taking up by the organisation of unsold wool, and the cooperation with wool buyers' and brokers’ organisations in the Dominions in the smooth working of the plan was also discussed. Attention was also given to the shipping and clearance of wool already sold, and the lifting of wool sold to buyers at auctions; methods of display and thp showing of old and new clip wool to give buyers the best pos-

sible facilities for selection to suit their individual requirements; the contributory charge to be met by growers for the purpose of defraying the growers’ sharp of the operating expenses of the organisation, which in the case of New Zealand, amounts to 71 per cent, of their sale proceeds. EVERY CO-OPERATION# Other points were the appointment of consultative committees from trade and other allied interests and a discussion of the report of the technical committee on details of procedure. New Zealand was represented on this committee by Mr. Herbert Hill, wool buyer, who throughout the war was controlling wool appraiser. •‘There was the utmost co-opera-tion at the meetings,” Mr. Duncan added, “and I am satisfied that every effort was made to ensure the successful working of this new method of marketing wool. Its objective, of course, is the sale of accumulated stocks in conjunction with current wool dips, on a basis designed to give buyers freedom to select and purchase their requirements at auction, waile giving growers the protection of a reserve or minimum price. PLAN WELL RECEIV ED. “The plan was well received by the trade, and much interest was taken in ; this new departure of marketing commodities and in the partnership aspect embracing Britain and the Dominions as interested consumers and producers of wool. From the New Zealand viewpoint much help was derived from the presence in London of the Minister of Finance, Mr. Nash.

‘The New Zealand Wool Disposal Commission has proceeded with the inauguration of marketing plans in New Zealand and has had a discussion with buyers, brokers, and other interests. It has also made announcements regarding conditions governing the offering and sale of wool. “On behalf of the commission I would like to express appreciation of the co-operative spirit which has been the keynote of the discussions, and to thank the chairman, Sir Harry Shackleton, and the other directors, as well as Messrs. Jameson and Wardell, who have also been available for consultation during our meetings.”