FLAX INDUSTRY.

Gisborne Times, Volume XXV, Issue 2222, 28 October 1907, Page 2

FLAX INDUSTRY.

(Special to Times.) WELLINGTON, October 2G. llio 1 lax industry is likely to bo seriously affected by a drop in prices. Tlio price, has fallen considerably in a few days. Several reasons for this are given, ono being that New Zealand shippers held back to keep the prices up, with the result that Manila hemp is again coming into the market in large quantities. The poor grain harvest which is likely to bo experienced in several countries is is also likely to affect prices through the lessened demand for binder twirie. The Post says sensational disclosures may prove the situation worse than at present it appears.

SATURDAY’S LAND SALE. VERY SSIALL BUSINESS DONE. There was an excellent attendance at the land sule held on Saturday by Messrs Williams and Kettle in conjunction with slr 45k Lissant Clayton. Bidding, however, was very slow, and the majority of tho lots were passed. The first property submitted, a rood in Gladstone road, on which are the shops of Messrs 55’ade and Gray, Mr. A. Cooper, and Mr. T. Morrison, was started by Mr. 14, DeCosta at £2OOO, who ran tho price up tb the reserve of £3OOO, and secured it for Mr. F. Hall. Twenty-lour sections at Nlangapapa were put up on bolialf of Mr. Malcolm McLeod. Two were sold to Mr. James Kennedy at £IOO, but tho rest failed to fiud buyers, and no bids were forthcoming. The suburban sections submitted on behalf of' Mr. R. Henson wero no more successful, ony one section being bid for, and the whole wero passed in.

A similar fate boi'cl sections in Mr. MeCliskie’s Kirktown, no bids being received. A number of half-acre sections in Ilminster, Kuiti, wero put up, but the only bid received was one of £BO, and the sections wore all passed in. Half an acre on tho corner of Read’s Quay and Lowe Street, at present occupied by Redstone’s Stables, was put up, but the only bid received was £SOOO from Mr. 55k G. Sherratt, and tho property was passed in. Considerable surprise was expressed at this, as several enquiries hiul lately been made regarding tho property, and some time ago offers were received in advance of Saturday’s reserve. The first bid received for lour acres of land with house thereon at.Mangapapa, submitted on behalf of Mr. H. E. Clark, was £I7OO, and as this did not reach the reserve the property was passed in. A few bids wore forthcoming lor other properties put up, but were much below tho reserves. An instance of the peculiar attitude of the public towards auction sales was given in tho fact that while a lifeless auction was proceeding JVu. Clayton disposed of no less than three properties that were not being subnutted to tlie hammer, and that subsequently he sold at the reserve prices four or five sections that liad failed to discover a bid at auction at the reserve prices. Moreover, a large number of appointments have been made with possible purchasers, and there is every prospect that tho bulk of the lots passed at auction will be disposed of privately before the week is out.