18th June, 1953
Mr H. Read (Australian Wool Realization Commission) advised me this morning that Mr Sparkes, Chief Valuer, Sydney, had informed him on Monday that Japan’s shortage of sterling is rather evident in Eastern markets.
(1) Japan is buying quite limited quantities at the Brisbane sales. Normally, she patronises these late Brisbane sales rather well.
(2) There is a good deal of wool purchased by Japan which is still in store unpaid for.
(3) Some wools have actually been on board ship but removed from the ship before departure because of financing difficulties.
2. It will be recalled that Mr Menzies [1] reported recently that several Australian buying houses were carrying their Japanese clients this season.
1 That is, H.C. Menzies.
[AA : A609/1, 317/20/7]