some of the 1940 clips are now arriving in this country and reports have been received from Australia and New Zealand of the quality of the clips generally. It is clear that the quality is than in 1939. We are, therefore, in the position that we shall lower pay the same average price for the 1940 Clip as for the 1939 clip ###ut the clip Will not be so valuable. On the information we have about the 1940 clip it would be prudent to increase the price of the various grades of clean wool in this country if we are to avoid a loss on our sales of that clip.