A gripping yarn on dramatically surging wool prices graced the front of The Canberra Times on this day in 1972.
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Industry sources attributed the steadier prices to the fact that Japanese buyers usually cut down on their bidding on the last day of each week.
Most sections of the wool industry still feared a sudden downturn in prices.
Reports the wool commission would move into the market to build up stocks in case the market crumbled were denied by acting chairman William Vines.
"That would be like pouring petrol on to a fire," he said.
"The commission is powerless to control the market."
Mr Vines said the wool industry could suffer in the future through traders' financial losses caused by the current boom prices.
Chairman of the wool board Sir William Gunn had said some wool traders stood to lose a fortune because they sold on a forward basis several months prior, when prices were low.
Mr Vines said a number of people in the wool pipeline would suffer from skyrocketing prices.
Sir William Gunn urged total acquisition of the Australian wool clip.
During the week, particularly with the influence of the Albury market, prices for crossbred wools rose by 72 per cent.
Merino wools gained by up to 23 per cent, while carding and comeback wools jumped by about 28 per cent.
Prices for crossbred wool ranged from 750c a clean kilogram to a closing of about 375c a kilogram.
Merino prices at all centres ranged generally from 360c a kilogram to 420c a kilogram.