Wool Board Loss Breaks Assurance To Growers

Friday 24th Sep 1999
Media Release -- Economy

The Wool Board's $11.5 million loss announced today comes after assurances by the Board at its AGM in Christchurch last year that it would have to live within its income.

ACT Kaikoura Candidate Graham Hewett today said the time had long gone when the Wool Board was any use to wool growers.

"How much longer do hard pressed wool growers have to put up with the excuses and explanations of the Wool Board over its failure to lift the returns to its levy payers?

"With grower reserves now down to $100 million there is no more room for the Board to raid the reserves if it is to stick with its stated intention of not drawing on reserves below this figure.

"Today's loss is just further evidence that the Board must be replaced with a structure that works for wool growers and gives them a return on their investment and their wool," said Graham Hewett.

ENDS

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

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