OVERCOME

Northern Advocate, 1 December 1921, Page 5

OVERCOME

WOOL DIFFICULTY.

TEMPORARY SCHEME ACCEPTED.

SALES TO BE RESUMED.

(Special to "Northern Advocate ") WELLINGTON, This Day. In the House of Representatives yesterday afternoon the Prime Minister made the following statement: —"1 presided at a conference this morning between. woolbrokers, woolbuyers, banks and shipping companies, at which a full and frank discussion took place .in an endeavour to reach a settlement • of the matters which are holding up the Dominion wool sales. The whole difficulty has arisen owing to it having been decided in British Courts that the system of issuing bills of lading previously in practice in New Zealand, in connection with other countries, was irregular, and that under this system, combined with the current financial -conditions, the woolbuyers state they -are in some cases unable to finance their purchases within the time allowed for payment, fourteen days. As the result of earnest endeavour on both sides to reach a settlement it was -agreed, as the only solution of the difficulty offering, that during the present • season the prompt day of payment should be extended, only in cases "where necessity arises, until the shipping documents are available, such extension not to exceed an additional fourteen days. '

"The question at issue regarding bills of lading is at present under discussion at Home, and recently a resolution was passed at a conference on maritime law, held at The Hague, which has a very important bearing on it, and it is hoped that a definite ruling may be obtained as a result. This will definitely settle the matter for all the countries concerned.' Hence it was felt best to now make only a temporary working arrangement, pending this. The temporary arrangement will enable the wool sales to be recommenced at ■once, and it is for this season only.

"It has been agreed that wool buyers and others shall combine to press upon the interests concerned the necessity of making such permanent arrangements as will enable the fourteen days' prompt to be reverted to next season. The wool sales will recommence at .Napier on Monday, December 5, and will be followed by Auckland, Welling"ton, Chxistchuxch and Dunedin, in th9t -order. Concluding, Mr Massey said he hoped the difficulty was now at an end, not -only for this season, but for the years ■'to come.