THE WOOL POSITION

Waikato Times, Volume 93, Issue 14536, 7 December 1920, Page 5

THE WOOL POSITION

PROTECTING THE PRODUCERS. SUPPLIES NOT TO BE SACRIFICED; FINANCIAL AID ARRANGED. By Telegraph—Press *ssoc!atlon. WELLINGTON, Tuesday. Speaking on the wool position, Hon. W. F. Massey said, in view of the sales about to be held, it would be of interest to wool growers to be acquainted with the available facts. Valuable information was contained in the cablegrams from the Director of Raw Material (published yesterday). Mr Massey said, as the Imperial Government intimated it was keeping its reserves for the next sales on a higher basis Hum at the last sales, it would b*e realised that every support was to be given to the New Zealand market. In response to a cablegram sent a little time back, the Imperial authorities replied stating that the Ministry has up to the present held the stocks of New Zealand wool very firmly, recognising that current prices must be very nearly the cost of production, and grave consequences might result if a further serious decline took place. It is the intention of the Minister of Munitions to handle the Government wool in such a manner as not to cause injury to the legitimate interests of wool growlers. The possibility of the selling price of the stocks of wool held by the Government being permanently maintained about the present level must depend to some extent upon the action of New Zealand wool growers. Mr Massey stated lhat there was good reason for the growers to take up a stand against sacrificing their wool at too low prices for the sake of getting it off their hands quickly, thus playing into the hands of the buyers. In cases where financial relief was needed, the Government has made arrangements with the banks under which growers will be able to obtain advances from the brokers or bankers up to a reasonable limit .