Wool Credit Urged

Press, Volume CVI, Issue 31206, 2 November 1966, Page 1

Wool Credit Urged

(N.Z. Press Association) WELLINGTON, Nov. 1. A Wairarapa farmer, Mr L. T. Daniell, today suggested that the Wool Commission send its wool to suita b 1 e manufacturers overseas instead of paying heavy storage and handling costs and then feeding it back to the New Zealand market and paying further charges. He said the Wool Commission should immediately despatch responsible staff officers overseas to sell all bought-in wool direct to manufacturers, cutting out further commissions and speculators. The commission should also

offer to finance wool into manufacturers receiving sheds before demanding payment.

Bradford faced an acute problem in finding credit to buy New Zealand wool for 12 months ahead. Manufacturers had to mortgage plant and machinery to obtain the necessary finance, and naturally wished to pay the lowest possible prices.

Mr Daniel said loom activity was reasonably high but the financial stringency was seriously affecting the price of raw greasy wool to the farmer. It was New Zealand’s turn to help Bradford. “Life becomes much simpler for woollen manufacturers if we can give them credit to their door, and regular deliveries thereafter,” he said. “Our super-salesmen should be empowered and instructed to make such arrangements. "The Wool Commission has carefully built up a valuing and purchasing staff in New Zealand and men of the right calibre must be known to them.”

Light Coal Cargo.—Due to the shallow state of the bar, the Union Company’s collier, Kokiri, had to leave Greymouth late on Monday night with 1900 tons of coal—the lightest load sent from the port since 1953. On that occasion the depth on the bar at low water was 6}ft. On Monday night it was 7ft.