7. Major G. PALMERasked the President of the Board of Trade whether the Government has now disposed of its stocks of raw wool; whether it has any interest in the British Australian Wool Realisation Association; whether the chairman of that association receives £10,000 per annum; whether any portion of this sum is found directly or indirectly by the State; and, if so, under what Vote it will be found?
§ The FINANCIAL SECRETARY to the TREASURY (Lieut.-Commander Hilton Young)I have been asked to answer this question. Under the arrangements announced on the 14th January last, of which I am sending my hon. Friend a copy, one half of the Australian wool held by the Government has been delivered to the British Australian Wool Realisation Association in part settlement of the share of the profits due to the Commonwealth Government. The other half of the stocks of Australian wool and the whole of the stocks of New Zealand wool have been entrusted to the British Australian Wool Realisation Association for sale on commission on account of the Government. The British Australian Wool Realisation Association, Limited, is an independent trading company, and the Government is not concerned in the scale of salaries of its directors and employés.