EXTRA EDITION. WOOL TRADE.

Hawera & Normanby Star, Volume XLII, Issue XLII, 8 September 1923, Page 11

EXTRA EDITION. WOOL TRADE.

ABOLITION OF THE DRAFT,

STRONG OPPOSITION BY BUYERS

•jBT CABT/B-PREBB ASSOCIATION-COPYBIGHT (Received Sep. 8, 11 a.m.) LONDON, Sep. 7. At a meeting of the Wool Exchange and Continental wool buyers * resolved unanimously to pledge themselves to resist to the utmost the abolition of the pound per hundred-weight draft on wool. x Sir Win. Raynor, president of "the '•Colonial Wool Buyers' Association, rsaid that the draft allowance did not entail a loss to growers because the allowance, together with freight expense, Avas calculated in clean •.scoured ceekoning, and the price assessed accordingly. Sir John Higgins "Jhad started propaganda to abolish the draft, and some astounding figures had been put forward representing the rgrowers'. reputed losses by allowing the -draft. The statement that the draft pastoralists 6,000,0001b5. of wool . yearly was obviously unfair, but it appealed to the growers, who are now • giving considerable support to the Hig-;.-.-gins' scheme for holding up supplies of raw vool with the apparent intention of raising prices and hampering the consumer. . There is a strong conviction and fear in the minds of financial houses, brokers and all sorts of people engaged in the Australian trade here that underlying *he agitation for "the abolition was a political move of ' minister meaning.—Aus.-N.Z. Cable . Assn. I