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Article: AWC borrowing cash to support prices. (Australian Wool Corp.)
- Article from:
- Daily News Record
- Article date:
- December 21, 1989
- Author:
CopyrightCOPYRIGHT 1989 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AWC BORROWING CASH TO SUPPORT PRICES
NEW YORK - The Australian Wool Corp. has almost exhausted its funds used to keep wool prices from falling below floor prices and will now have to borrow $500 million (Aus.) in the short-term money market.
The AWC began the current wool-selling season in July with $1.8 billion (Aus.) in its support fund, but these cash reserves have now nearly dried up, according to information received here. The Australian dollar is currently worth about 78 cents (U.S.).
As the holiday recess in the Australian wool auctions approached, the AWC had been required to purchase about 1.8 million bales of wool worth more than $1.6 ...