AUSTRALIAN NEWS.

Otago Witness, Issue 1875, 28 October 1887, Page 18

AUSTRALIAN NEWS.

A DIFFERENCE IN THx3 SYDNEY WOOL

TRADE.

A serious difference has arisen between the

principal selling wool brokers and an important section of the wool buyers in the Sydney market. A deadlock exists at present, and as far as can

be judged by the attitude of the buyers there is

little prospect of an immediate settlement. The trouble has been caused by the action of the wool salesmen in introducing an important

change in the practice hitherto followed regard-

ing the payment for wool purchased at auction. Among the conditions adopted at all the wool sales for many years past is a clause requiring wool sold to be paid for in cash before delivery, but up to the commencement of the series of 6ales just opened this condition has been " more honoured in the breach than in the observance." It has been customary to allow buyers seven days to take delivery of their purchases, and not require payment before the expiration of that period. This arrangement has proved 6afcisfacj tory to buyers, but the salesmen felt that it did nob afford them sufficient security, and about a month ago they communicated to tho wool buyers their intention of strictly enforcing the conditions referred to, and assimilating the practice iv the Sydney wool market with that of Melbourne as far as the payment and delivery of wool are concerned. At the sale held by the New Zealand Loan and Mercantile Agency Company six of the principal Continental buyers withdrew when the auctioneer stated that tho conditions of sale would be enforced as notified by the selling brokers. The company report, however, that several lines were purchased on Continental accounts. At the sale held by Messrs J. H. Geddes and Co., who are continuiug the old practice regarding payment for wool purchases, the Continental buyers were fully represented, and are reported to have purchased freely. The leading wool-selling brokers in Melbourne who have branch houses in Sydney, state that he action of the Sydney selling brokers, in demanding payment for wool before delivery, has not been adopted without due premeditation, and that it is intended simply to put a stop to the loose method of conducting business which has prevailed in the sister capital for 6ome years past. Buyers there have been given delivery of wool before payment, and as this practice is contrary to that which obtains in Melbourne and London, it was determined to abolish ifc. A similiar step was taken iv Melboure 12 months ago by the brokers, and was acquiesced in by tho Melbourne buyers; and it is alleged that it has in no way restricted business or hampered tho operations of purchasers.

SIR HENRY PARKES' DIFFICULTIES.

For some time past rumours have been current with regard to the relations of Sir Henry Parkes and his creditors, and in more than ono newspaper the Premier has been charged with gross corruption. These charges were referred to in the New South Wales Assembly, but the Attorney-general has not thought it desirable to prosecute the offending journals crimially. On the 1 2th inst. Sir Henry Parkes assigned his estate, and an accurate statement of his affairs has been compiled. It appears that his liabilities, which have been accumulating for many years, pressed so heavily upon Sir Henry Parkes that he could not meet the demands of some creditors who wished for an immediate settlement of their claims. Acting on the advice of friends, Sir Henry Parkes assigned his estate to Mr Reginald O. Allen, of the firm of Allen and Allen; Mr Charles Palmer, manager of the Bank of New South Wales ; and Mr Fletcher Dixon, of the English, Scottish, and Australian Chartered Bank. His liabilities amount to £50,000, and the assets, by a valuation estimate presented, to about £65,000, which shows a surplus in favour of the estate of £15,000. The assets consist chiefly of landed properties, and if placed upon the market at present it is not likely that tho amount mentioned would be realised, so the trustees will wait for a fitting opportunity to dispose of the property on favourable terms. The creditors of the Premier, who are numerouflj include several who either are now or have been members of one or other of the two Houses of the Legislature, and many rumours with regard to creditors of this descrip-

tion have been abroad, and various chargesj based upon these rumours, brought against the Premier. Four of the creditors are members of the present Government— namely, Messrs Sutherland, Clarke, Abigail, and Roberts, but the amounts for which the Premier is indebted to them are not large, and there is nothing to show that the debts were contracted in »rjy unusual way. They were, in fact, as far as Messrs Clarke, Abigail, and Roberts are concerned, contracted in connection with the formation of a syndicate for the purchase of pro« perty owned by Sir Henry Parkes .at North Shore. As members of this syndicate the three gentlemen named pufc down £200 each, and a mortgage was executed in April 1886, and subsequently in September last. The mortgage on the property was effected with

M r J B. Watt, M.L.C., for £400. The nther ' creditors who are or have been •n Parliament, and the amounts agamsfc their liames in the schedule attached to the deed of Snmentara as follow :-Mr C. Vickery, SI C (Vickery and Sons), £681; Mr Charles Snore' £550 ; Sir Saul Samuel and the late Mr ffi Eraser, M.L.0., £4428 (less half share ia nle ol Mr J. Sutherland, £2214); estate of Kir John F' aßer > M - L -°-' £1576;^ J> <?' Watt ML.C, and Mr A. Dean, £470; Sir Tlaniel Cooper, £460 ; Mr John Sutherland (re ~Li i an d), £400; Mr James Watson, who was Ssurer in the last Parkes Government, £383 ; E John Shepherd, £200; Mr S. A. Stephen, ?? L OL O £150; Mr H.Taylor, M.L.A,£140: Mr w C Proctor, £100; Mr Sydney Smith, M.L.A., )loo ' There are also among the creditors, Mr W H. Pigofct, M.L O , Mr Henry Mort, M.L.C., ami Mr Fraser Martin, M.L.A. I'lie wholesale charges of corruption levelled at the Premier in connection with his private fimncial embarrassments were again brought under the notice of the House on the 13th inst. by Mr M'Rlhono, who, in an extraordinary speech, alternately expressed confidence in the Premier, and swelled a list of indictments against him. Hg wound up, however, by challenging the Premier to clear himself of the charge which he Mr M'Elhone) believed to be well founded, of t-ikiug borne of his colleagues into the Ministry because be owed thota money that he could not rP , )(l y except at the public expense. All the obargi'S of corruption mentioned in the Hou&o, 01 . in a .section of tbe press, which has been holding Sir Henry Parkes up to public obloquy, were specifically denied by the Premier, who stated that the position ot his affairs was fully and correctly set out in the deed of assignment.