WOOL REALIZATION.
No. 49 of 1945.
An Act to approve an Agreement between the United Kingdom, the Commonwealth of Australia, the Dominion of New Zealand and the Union of South Africa in relation to the disposal of wool and to provide for the carrying out of the Agreement on the part of the Commonwealth of Australia, and for other purposes.
[Assented to 11th October, 1945.]
Preamble.
WHEREAS, during the war which commenced on the third day of September, One thousand nine hundred and thirty-nine, and in which the United Kingdom, the Commonwealth of Australia, the Dominion of New Zealand and the Union of South Africa have been jointly engaged, it became necessary and expedient, for the
more effectual prosecution of that war, for the Governments of those parts of the British dominions to enter into certain arrangements for the purchase of wool and sheepskins produced in Australia and elsewhere during that war and for a period thereafter:
And whereas, as a result of those arrangements and of the course which that war has followed, substantial stocks of wool grown in Australia, New Zealand and South Africa and purchased by His Majesty’s Government in the United Kingdom are now in existence:
And whereas those arrangements have terminated, and it is necessary to provide for the completion of transactions, matters and things which have been entered into or have arisen in the course of carrying out those arrangements and to ensure that those stocks of wool are disposed of in an orderly fashion and in such a way as not only to ensure the best possible realization of those stocks but also to prevent the sale of future clips of wool produced in Australia, New Zealand or South Africa from being prejudicially affected by the realization of those stocks in competition with those future clips:
And whereas the Governments of the United Kingdom, the Commonwealth of Australia, the Dominion of New Zealand and the Union of South Africa have by the exchange of communications entered into an Agreement for the adoption of a plan for and in relation to the disposal of those stocks of wool:
And whereas it is desirable that the Agreement should be approved and carried into effect:
And whereas it is necessary, for the purposes hereinbefore referred to, that the National Security (Wool) Regulations, the National Security (Wool Tops) Regulations, the National Security (Price of Wool for Manufacture for Export) Regulations, and the National Security (Sheepskins) Regulations should be continued in force for a limited period:
Be it, therefore, enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title.
1. This Act may be cited as the Wool Realization Act 1945.
Commencement.
2. This Act shall come into force on a date to be fixed by Proclamation.
Definitions.
3. In this Act, unless the contrary intention appears—
“the Central Wool Committee” means the Central Wool Committee…
Overview
The Wool Realization Act 1945, enacted by the Commonwealth Parliament, was designed to address the problem of disposing of substantial stocks of wool accumulated during and immediately after World War II, primarily grown in Australia, New Zealand, and South Africa, and purchased by the United Kingdom. The act aimed to ensure the orderly disposal of these stocks to avoid adverse effects on future wool production and sales. The policy objective was to facilitate the best possible realization of these wool stocks while preventing market disruption. The act also aimed to approve an agreement among the United Kingdom, Australia, New Zealand, and South Africa for the disposal of these stocks and establish an Australian Wool Realization Commission to manage this process in Australia. This commission was tasked with acting as a subsidiary of a Joint Disposals Organization set up to handle the wool stocks collectively.
Scope and Application
The Wool Realization Act 1945 applies to the Australian Wool Realization Commission and other entities involved in the disposal of stocks of wool grown in Australia, New Zealand, and South Africa, which were purchased by the United Kingdom during and after World War II. The Act is focused on ensuring the orderly disposal of these wool stocks in a manner that does not adversely affect the sale of future wool clips produced in these countries. The Act applies to the Australian Wool Realization Commission, which is established under the Act and functions as the subsidiary in Australia of the Joint Disposals Organization, as well as to the Joint Disposals Organization itself, which is a private registered company set up to manage the buying, holding, and selling of wool on behalf of the United Kingdom and the Dominion Governments. The Act also extends to the assets and liabilities of the Central Wool Committee, which are transferred to the Commission upon the commencement of the Act. The Act does not specify any exclusions, exemptions, or thresholds, and its application may be extended or restricted through subordinate instruments such as regulations, which the Governor-General may make for carrying out or giving effect to the Act.
Key Provisions
- The Wool Realization Act 1945 (sections 4-19) establishes the Australian Wool Realization Commission as the subsidiary in Australia of the Joint Organization, tasked with overseeing the disposal of wool stocks in accordance with the Disposals Plan. This Commission is composed of a Chairman, an Executive Member, two representatives from the Australian Wool Growers’ Council and the Australian Wool Producers’ Federation, one representative from the Federated Storemen and Packers’ Union of Australia, and two individuals with experience in wool valuation or marketing (section 5). The Commission is empowered to assume all the duties, powers, authorities, functions, and obligations of the Central Wool Committee, including those under the National Security (Wool) Regulations, National Security (Wool Tops) Regulations, National Security (Price of Wool for Manufacture for Export) Regulations, and National Security (Sheepskins) Regulations (section 9). The Act also mandates the Commission to manage financial operations, including maintaining accounts with approved banks, paying operating costs, and disbursing remuneration and allowances to its members and staff (sections 16-18).
- The Act imposes several obligations on the Commission, including the duty to hold meetings as necessary, make rules for its conduct, and submit reports to the Minister (sections 8, 20, 21). It also requires the Commission to take over the assets and liabilities of the Central Wool Committee, and to continue existing employment terms for its staff (sections 12, 13). Furthermore, the Commission must ensure that all acts and decisions comply with the Disposals Plan and related regulations, and must facilitate the orderly disposal of wool stocks to prevent adverse effects on future wool production (sections 9, 10).
- Breaches of the regulations continued in force by this Act, or failure to comply with any such regulation, constitute offences under section 22(1), punishable by a fine of up to one hundred pounds, imprisonment for up to six months, or both. Prosecutions for these offences require the written consent of the Attorney-General or an authorized representative (section 22(2)). Additionally, the Governor-General is authorized to make regulations necessary for the implementation of the Act, subject to its provisions (section 23).
- Area of Law
- International Trade Law
- Commercial Law
- Instrument
- Act
- Concepts
- Definitions & Interpretation
- Regulatory Standards
- Offence Provisions
- Reporting & Disclosure Obligations