BIDS AT WOOL SALES.

Hawke's Bay Herald, Volume XXIII, Issue 8069, 2 June 1888, Page 2

BIDS AT WOOL SALES.

The Chamber of Commerce yesterday passed a resolution in favor of farthing bids at tho London wool sales, and wool growers aro asked to assist by signing a requisition to that effect, addressed to the London wool brokers. It is not the first time that this change has been advocated, but it has always met with strong opposition from tho buyers, and tho brokers seem to prefer the present system of halfpenny bids. The only argument used against tho change is that the introduction of farthing bids would prolong the sales, and at present it is diliicult to get through the large lota catalogued in the allotted time. This might be true if wool sales were "auctions "in tho sonso usually understood. Hut they are not. The auctioneer merely exclaim? "Number four, gentlemen ! " or whatever the lot may bo numbered in the catalogue. Immediately fifty or a hundred voices aro heard yelling a price. If one is higher than the rest ho gets the lot ; if not — and that is often tho case — the auctioneer decides who shall have it. We cannot, therefore, see imtch in what is called the " time argument." Tho reasons adduced for a change are more numerous, and, to our mind, more forcible, and they arc well put m a letter addressed by Mr G. N. Griffiths, of Sydney, to the chairman, of the Associated Banks, and read at the meeting of the Chamber yesterday. The strongest argumont is that, owinc to tho general lowering of wool values, halfpenny bids now represent a much larger percentage of advance or fall than formerly. When Australian wool was nearly all washed, and .sold at an average of abont eightcenpence a pound, a halfpenny bid represented about 2 to 3 per cent advance or fall, but on greasy wool at present prices it represents from 5 to 8 per cent. "Take," says Mr Griffiths, " a lot of 100 bales of greasy wool, 4001 b per bale, worth nay !)d per Hi. Theso 100 bales are, therefore, woith £1500. Coukl not tho wool experts and buyers go within £10 or so of their market value, where every opportunity is given them of examining closely in bulk and in detail? .Now halfpenny bids mean £83 rises. All wo ask is that on such a lot of 100 bales tho biddings should be as low as £20, or ono-eijrhth of a penny, and for the present wo would be prepared to accept £41, or farthiug bids. Tho stauuehest advocate for the retention of the present system of halfpenny bids would hardly bo likely to instruct an Auctioneer who was soiling a £1500 houso for him to make ir. a condition that tho bids should be confined to £50, let alone to £Sli, advances." Of course all lots aro not 100 bales — the average in from 20 to ."0 bales — but on the other hand Mr (irilliths has assumed a price above the average, and on low-grade wools the percentage would be more marked. Mr Griffiths, while on the war-path, is also determined to have a tilt at the "draft 1 system, which allows the buyer lo deduct lib out of every 1001 b, after full allowance has been made for tho weight of tho wool-pack or covering. This may not ■seem a very large thing, but on tho sales of las'i year the 1 per cent represented 12,827 hales, which at £15 per bale would come to nearly £200,000. '