Drafts of 'The Measure of the Years' chapters 10-12

Notes
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Physical Context
MS 4936-Papers of Sir Robert Menzies/Class. Original Consignment/Series 10/File 69
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Text

Estapels 10  

MAFF  

woerdene  

eppiert  

Gaptur,  

AND  

Overlens  

 

CREITAL AND  

AVETNACIANOFUELOPOIENT  

FINAN  

CHL AND REUNOMIG FULIET  

Wursement from oversens.  

ni 1949  

We inherited position in which prices were  

rising too rapidly and inflation was making its unhappy mark.  

We decided that we would get this under control as soon as  

possible. But the Gods willed otherwise. In 1950 the  

Korean War was on and the great wool boom got under way.  

In sense this was due to some rather inexpert handling  

on the part of the State Department in Washington.  

Knowing too little about the complicated techniques of wool  

marketing, they simply gave orders that large quantities of  

wool for uniforms and the like should be bought in Australia  

in limited period of time.  

The result was that the prices  

of wool at auction rose enormously until some special lines  

reached the price of El per pound of wool.  

The effect upon  

the wool industry and upon the wool growers was quite dramatic.  

Comparatively small men who had been accustomed to an income  

of Three or Pour Thousand Pounds suddenly found themselves in  

possession of an income of Twenty Thousand Pounds. With the  

bigger growers the results were in proportion. It was not  

surprising that many of the "" newly rich should forget about  

their taxation problems and began to spend their money with  

light heart; new and expensive motor cars, trips abroad  

and the like.  

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http://nla.gov.au/nla.obj-2860916818

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