SYDNEY WOOL SALES

New Zealand Times, Volume LI, Issue 11960, 15 October 1924, Page 8

SYDNEY WOOL SALES

EXCHANGE DIFFICULTIES. BANKS’ NEGOTIATIONS. Bv Telegraph.—Press Assn.—Copyright SYDNEY, October 14. The weakness which dfrvefoped' in connection with the wool sales 7 was the outcome of uncertainty over the question of exchange, and negotiations connnected therewith between the directors of the Commonwealth Bank and representatives of tbe Associated Banks. The latter are proceeding to Melbourne for the purposes of pooling their resources to enable them to finance Australia’s wool and other products for the coming season. ■ Regarding these negotiations, the chairman of the board of tbe banks represented states that there is no danger of the board departing from a sound currency basis, and, at the samq time, protecting their own interests: Whatever the outcome of the negotiations may be, there is no doubt that every bale of wool sold will be paid for. Negotiations are proceeding satisfactorily, and it is only a matter of the banks getting together to epsure the success of the scheme. AGREEMENT REACHED DETAILS TO BE SETTLED, By Telegraph—Press Assn.—Copyright. (Received October 15, 1 20 a.m.) MELBOURNE, October 14. It is understood that the conference' between the Commonwealth and the Associated Banks reached an agreement regarding the financing of wheat, wool, and other products. The details have yet to bo settled:, ■ This will (relieve the tension in financial circles regarding the shipping and financing of wcel and wheat, which has been having an unsettling effect upon the markets for these products. PRICES STILL DOWN. By Telegraph.—Press Assn.—Copyright (Received October i 5 1.20 a.m.) SYDNEY, October 14. At the wool sales conditions were similar to those of the previous day. Inferior classes showed no recovery, and there were heavy withdrawals in these classes.