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Tuesday, 23 August 1960

Mr ADERMANN (FISHER, QUEENSLAND) (Minister for Primary Industry) - The main wool sales of this season commenced yesterday in Sydney and Melbourne and, compared with the prices received at the end of the July sales, there was a fall of approximately 5 per cent, to 7i per cent. My inquiries indicate that the reasons for the fall in prices are the substantial stocks which are held in South America, the large quantity of semi-processed wool which is held by Japan, France and the United Kingdom, and the recent rise in the United Kingdom bank rate. Those factors probably have a bearing on the buying plans of the wooltextile industries in those countries at the opening sales. As to the suggestion that I comment on the possible trend throughout the season, I may say that with only the first day's sales to guide me, 1 am not likely to comment at this stage.

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