Mr H. Read (Australian Wool Realization Commission) advised me
this morning that Mr Sparkes, Chief Valuer, Sydney, had informed
him on Monday that Japan's shortage of sterling is rather evident
in Eastern markets.

(1) Japan is buying quite limited quantities at the Brisbane
sales. Normally, she patronises these late Brisbane sales rather
well.

(2) There is a good deal of wool purchased by Japan which is still
in store unpaid for.

(3) Some wools have actually been on board ship but removed from
the ship before departure because of financing difficulties.

2. It will be recalled that Mr Menzies [1] reported recently that
several Australian buying houses were carrying their Japanese
clients this season.