COMING WOOL SALES

Press, Volume LXXXII, Issue 24983, 18 September 1946, Page 8

COMING WOOL SALES

procedure Explained STATEMENT BY DISPOSAL COMMISSION (P.A.) WELLINGTON, September 17. In view of the early resumption of auction sales, at which growers will offer their new clip and the Wool Disposal Commission will 'offer wools from stock, certain points in regard to the new system should be made known, according to a statement issued by the New Zealand Woolbrokers’ Association. The Wool Disposal Commission will value the wool to determine the “minimum,” or “floor,” price at which the commission will purchase wool if no commercial buyer is forthcoming at or above that figure, the statement says. The maximum price, however, is governed only by the ability of commercial buyers to outbid each other at auction. If the “minimum” or “floor” price is not reached in bidding, the lot is passed to the highest bidder, who has the option to purchase at the minimum price until 4 p.m. on the day following the sale. Owing to the work involved in the valuing of the catalogues before the sale, it will be difficult for brokers to get information in time to post it to growers. Consequently, valuations will not be sent to growers in the ordinary routine, but will be available to them if they desire it on application to their broker. Dealers’ wool will, in certain conditions, have the same protection of the “floor” price. If a lot or lots be passed in on account of the owner’s reserve being in excess of the “floor” price, the Wool Disposal Commission will not take over that wool after the sale should the owner then decide to accept the “floor” price. If remaining unsold, it will have to be re-offered at a later sale. Twice-offered Wool Any wool offered twice and remaining unsold must be repacked at the grower’s expense before it can be offered again. This is in accordance with pre-war practice. Passed wools will be re-offered only when all new wool has had a chance of being offered. Wool which is too mixed m quality to enable a valuation t° be made by the commission’s valuers will not be appraised for a “floor” price This applies also to lots which are falsely or irregularly packed In V l6 , in . te rests of the disposal plan and of the industry generally, the Wool Disposal Commission has power to limit the quantities of new clip and stock wool to be offered at any sale but it is not expected that during the forthcoming season there will be any undue delay in the offering of current clips as compared with pre-war experi-

Storage congestion may, however, be a difficulty during the height of the season. Brokers Will need to have catalogues ready for valuing five full days before the sales and early closing of catalogues must be expected, particularly in January and February. .•u“ Pr< ?”2.? t " for payment will be the eighteenth day from the date of the sale. This arrangement applies to crutching sales and is subject to revidS'i aft ? r in case the time provided is found to be too short in which to complete the work. wnicn Brokers will be responsible for deducting the contributory charge from growers’ account sales and for the pav- * to Disposal ComTire association urges growers to avoid unduly heavy bales and to brand on Lie cap end and on one side only leaving the other end and sides free for buyers' rebrands.