The Central Wool Committee [II] was established on 28 September 1939 under the Statutory Rules 1939, No. 108, National Security (Wool) Regulations.  

The Committee held its first meeting on 7 September 1939 'when negotiations dealing with the acquisition of the clip by the Commonwealth Government for sale to the United Kingdom Government were commenced'.(1)

The Committee consisted of a Chairman, an Executive Member and eight other members, three of which were wool-growers, three wool-selling brokers, one wool-buyer and one woollen manufacturer. The members were appointed by the Minister. There were also State Wool Committees, each with eight members who were to be appointed by the Minister after recommendation by the Central Wool Committee. 

The first members appointed to the Committee were:
  A F Bell (Chairman) died 14 August 1940, replaced by 
    Hon Mr Justice Dixon
  N M Yeo (Executive Member)
  D T Boyd
  N J Carson
  T S Cheadle
  B A N Cole
  J P Abbott (resigned 18 September 1940; replaced by E L Killen)
  F C Laycock
  J R McGregor
  F N Young

The Committee was advised by a Technical advisory Committee comprised of Controlling Appraisers and Deputy Controlling Appraisers from the various States, together with experts nominated by the approved woolselling brokers.

The function of the Central Wool Committee [II] was to deal with all matters pertaining to the arrangement made between the Governments of Great Britain and the Commonwealth for acquiring all wool produced in Australia (with some exemptions). All moneys paid by the Government of Great Britain was to be received by the Committee and used to defray all costs, charges and expenses of administration to make payments for wool to suppliers. The Committee had full powers to use any surplus funds as it saw fit. 

For the purposes of invoicing and preparing ships documents in connections with shipping wool overseas, the Committee appointed 69 shipping houses throughout Australia. In order to appraise the clip the Committee also appointed in each State a Controlling Appraiser and Assistants.

In its first report the Committee's Chairman Owen Dixon referred to the previous arrangements for wool purchasing with the United Kingdom Government under the terms of the Wool Purchase Agreement of 1916-1920. The Chairman stated that 'a complete record of the organisation established during that period (CA 1923, Central Wool Committee [I]  was filed in the Historical Records Section of the Commonwealth Parliamentary Library'.(1) 

The Central Wool Committee [II] was replaced on 16 November 1945 by the Australian Wool Realization Commission (CA 256) under the Wool Realization Act 1945. The Commission assumed all powers, functions, assets and liabilities of the Central Wool Committee. 

(1) First Report of the Central Wool Committee, 1939-40.
 

Historical agency address
1939-1945: Pitman House, 540-542 Little Collins St, Melbourne
Legislation administered
Establishment: Statutory Rules, No.108 of 1939, National Security
  (Wool) Regulations 
Abolition: Wool Realization Act 1945 No.49 of 1945

Agency controlled unregistered

State Wool Committee [II], New South Wales
State Wool Committee [II], Victoria
State Wool Committee [II], Queensland
State Wool Committee [II], South Australia
State Wool Committee [II], Western Australia
State Wool Committee [II], Tasmania