THE WOOL SALES

New Zealand Herald, Volume LVIII, Issue 17843, 26 July 1921, Page 4

THE WOOL SALES

It is singularly unfortunate that the programme of wool sales should have been further disturbed by what appears to be a technical difficulty. Prices for wool are by recent standards low, but the market is stronger than seemed possible a few months ago, and in the interests of the sheepfarmers, as well as of the country generally, it is imperative that every reasonable facility should be given to buyers to operate freely. Of course, the sale and purchase of wool in New Zealand make heavy demands upon the country's banking resources, like all " crop-moving" financing, but unlike advances upon excessive importations, those upon wool for export are quickly offset by the replenishment of the woolgrowers' banking accounts. In the present instance, indeed, it is stated that the difficulty is not a matter of finance, but simply of technical procedure. Whatever its nature, the result is to prevent oversea buyers from operating, as they are unable to obtain the funds to pay for their purchases within the period customarily stipulated in the sale conditions. This development is the more surprising as the conditions which the banks now reject have prevailed for thirty years, while the shipping companies are prepared to vary the terms of their bills of lading in any manner desired by the banks. It is to be hoped a solution will be discovered by to-day's conference, so that a definite order of sales can be maintained.