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Thursday, 25 February 1971


Australian Wool Commission adopted a reserve price policy aimed at moderating the instability of auction prices and, I believe, at protecting the wool grower against having his wool sold at sacrificial prices. I believe that this is what the Commission is doing. Because of the drastic fall in wool prices the Commission at this stage has to bid on a large number of the lots catalogued for each sale, but although it is bidding for these lots it is not buying them all in. In some cases it is ensuring that the wool is not sacrificed at drastically low price. I. believe the operators employed by the Wool Commission are highly skilled. I believe that some buyers would be trying to out-manoeuvre the Commission, and this will always happen al wool sales.

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