A dollar for your thoughts
In the late 1960s the Australian Wool Corporation (AWC) introduced the Reserve Price Scheme for wool. It was essentially meant to be a buffer to smooth the ebbs and flows in prices that are consistent with many commodities.
The scheme may have continued but inevitably greed and poor management took hold when the floor price was lifted 70% in one year in the late 1980s. On July the 24th 1991 the AWC announced it was broke and could no longer continue buying wool to add to its burgeoning “Stockpile” and the scheme collapsed taking the Industry with it. (The “Stockpile” peaked at about 5 million bales)
For more information Google “20 years since the Reserve Price Scheme was abolished”
In its death throws the “Scheme” introduced a complimentary intervention initiative called the “Flock Reduction Scheme” which was intended to stem to some degree the amount of wool coming onto the market. Growers could voluntarily cull and euthanize their young ewes and be paid $6.00 per sheep by the AWC for doing so.
In early 1991 I received a cheque in the mail for $1.00 from CT & HF Keeffe who were our neighbours at Tenindewa. At that time they owned Jenora Farm which was immediately north of the Siding.
With this cheque an invoice was included which read:
Payment to AJ &JA Critch and family
Accidental Slaughter of 1 Red Tag weaner sheep.
|Payment received from Flock Reduction Scheme||$6.00|
|Slaughter charge to contractor (Mr Foxy Bell)*||$0.30|
|Pit Digging charge||$0.28|
|Disposal of Carcase (fuel at 82 cents per litre)||$0.22|
|Repairs to fence (Break In)||$1.46|
|Coordination Charge on Project||$0.74|
|Pal (ie dog food) for Brendy (ie “Brendy” the dog)||$0.50|
|Panadol and Librium (for C.T.* for Trauma)||$0.50|
|Payment less charges enclosed||$1.00|
Please note Times are tough at Jenora. Do not present for payment before next shearing Signed C.T.
*C.T. is Clem Keeffe
*Foxy Bell was a well-known and humorous aboriginal gentleman that lived and worked in the Tenindewa area for many, many years