3. Major BARNESasked the President of the Board of Trade how many bales of wool are now held in stock on behalf of the Government in the United Kingdom and elsewhere, including wood in transit; what number have been offered for sale since 1st January, 1920; what number have been withdrawn owing to failure to reach the reserve price; if it is proposed to place the remainder of the wool on the market without reserve; and, if not, on what date the Government intend to cease trading in wool?
§ The PARLIAMENTARY SECRETARY to the MINISTRY of MUNITIONS (Mr. James F. Hope)I have been asked to 11 answer this question. According to the latest Estimate made on 30th September last, the total stock of Government wool in the United Kingdom and elsewhere, including wood in transit, amounted to approximately 2,638,000 bales. The number of bales of first-hand wools offered in the various selling centres during the period mentioned was about 1,423,500, and approximately 1,211,500 were sold. It is not proposed to place the balance of stocks on the market without reserve. The Government is no longer trading in wool, but they have to realise stocks bought in pursuance of War contracts. Under these contracts purchases ceased on 30th June last, and the Government's interests in wool will therefore cease as soon as its stocks are liquidated.
Major BARNESIs it the policy of the Government so to put the wool on the market as to maintain prices?
§ Sir A. SHIRLEY BENNHas not the Government action in connection with wool been of extreme benefit to the people of the country, and a great financial success so far?