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Waikato Times, Volume 89, Issue 13816, 22 July 1918, Page 6

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LARGEST WOOL DEAL IN HISTORY OYER £100,000,000 FROM TWO CLIPS. » .: • in. e by the i i..:vl'ia! G-n • anient ol the Australian wool dips fer a period covering the currency of the war, and lot' one full year afterwards, was announced in the Federal House of Representatives on the 1-th nit. by the Acting-Prime Minister (Mr Watt >. The transaction is described as by far the largest wool transactio i c.er recorded in the world. It is estimated that the returns for only two wool clips will exceed £100,00(1,000. Mr Watt, in announcing the purchase siid: "The negotialions which have been proceeding for .-evcral weeks between His Majesty's Government and the Commonwealth Government have now been satisfactorily completed. The Imperial Government has extended the purchase of the Australian wool clips for a period covering the currency of the war and one full wool year, commencing on July 1 after the termination of hostilities, and ending on June 30 following. The flat rate of Is :iy 2 d per lb of greasy wool, as at present, has been arranged for the term, plus charges to cover expenses from the wool warehouse to f.o.b. steamer. The Australian wool growers will participate to the extent of 50 per cent, in any profit accruing from the sale of wool for other than British Government purposes. The condition as to appraisement payment are as per current contract. The control will remain in the hands of the Central Wool Committee, which has successfully conducted the wool scheme since its initiation, and which has the confidence of the wool growers. This transaction is the largest ever completed in Australia. The estimated returns, embracing two wool clips only, will exceed £100,000,000, and is by far the largest wool transaction ever recorded in the world. "Before negotiations were opened it was necessary for the Central Wool Committee to arrange for the storage in Australia of large quantities of wool at three or four principal ports, in order to take advantage of every available ton of shipping. These temporary warehouses are in the course of erection, and will be available for the carry-over of the present and storage of the recently-acquired clips. "To Commonwealth wool growers and sheep breeders this Imperial Government wool purchase gives a security previously unknown in the pasto.al history of Australia, and the circulation of the proceeds practically meai-.s stability to financial and commercial institutions throughout the Commonwealth for the period covered by the agreement."