Story: Balance of payments

Wool stockpile, 1967

Wool stockpile, 1967

These bales of wool are sitting in a wool store in March 1967 because the price had fallen so sharply over the two previous years that the Wool Board chose to stockpile the wool rather than sell it overseas for low returns. This fall in the wool price helped trigger the balance of payments crisis in 1965/66.

Using this item

Alexander Turnbull Library, Dominion Post Collection (PAColl-7327)
Reference: EP-Trade and Commerce-Wool and Wool prices-01

Permission of the Alexander Turnbull Library, National Library of New Zealand, Te Puna Mātauranga o Aotearoa, must be obtained before any re-use of this image.

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How to cite this page:

C. John McDermott and Rishab Sethi, 'Balance of payments - A brief history', Te Ara - the Encyclopedia of New Zealand, (accessed 25 May 2022)

Story by C. John McDermott and Rishab Sethi, published 11 Mar 2010