CUSTOMS OF TRADE AT WOOL SALES IN THE COLONIES.

Otago Witness, Issue 1934, 19 March 1891, Page 6

CUSTOMS OF TRADE AT WOOL SALES IN THE COLONIES.

While is is satisfactory to be assured that sales of the season's wool clip in the colonial markets are annually assuming larger dimensions, it has to be admitted that, particularly within the past two years, the businoss was temporarily retarded on opening days by disputations between buyers and Belling brokers regarding conditions attached to transactions. These dissensions have been familiarised to all persons interested in tho sales held in this colony, but apparently the disputes were more accentuated at the Sydney ealea of the season juet concluded. Tbe Sydney Mail, February 28, supplies particulars of the matters at issue, and an agreement arrived at in regard to them by a conference held on the 19th of last month between buyers and selling brokers. Our contemporary says:—" It will bo romembsred that Borne 18 rronths ago the selling brokers gave out that they would oharge one-eighth of a psnny per lb for delivery, this being the rate exacted from buyers in the Melbourne markot, and that the buyers strongly resented the innovation. A temporary settlement was effected, and the delivery charge teduced" to 2s par bale. The wool sellers (brokers) again opened the question two weeks ago, and it was to discuss this question iv particular that the conferenoe was held. ... It was agreed thereat that the selling brokers should bo at liberty to make the &d per lb delivery charge. Buyers on tbe othor band are to have 14 days (instead of 10 days as at present) in which to pay for their purchases, and wiil be allowed rebate of interest at the tafce of 6 per cent, per annum for payments made before the expiry of the prompt." > The following arrangements, to oome into force at the commencement of next season's sales, were mutually assented to : - 1, The inclusion of wool for private sale m tbe same catalogues as wool for "sale by auction will be discontinued. 2. No bid mads for any lot before the previous lot has been knocked down will be recognised. 3. Preference will be given to viva voce bids over silent bids. 4. The practice of appealing to sellers in the Haloroom as to whether lots are to be sold at the prices offered will be discontinued. 5, No wool shall be catalogued for sale that is not actually in store ; and should any wool arrive in stock between the time of printing the catalogue and the time of sale whioh the auctioneer wishes to include, same must be declared from the box. The Mail further explains that some other questions for consideration were remitted to a committee of six, composed of an equal number of buyers and sellers, for report upon to their respective associations. The generally expressed opinion at the conference was that the Sydney wool sales should , commence by the middle of September at latest, so as to give growers of early shorn clips an opportunity of selling in the local market without having to .store their wodl for an undue length of time. "The practice of growers who have been in tbe habit of dividing their clips between two or more selling houses waa strongly animadverted upon by the buying section, at whose instance the auctioneers undertook to do all in their power to procure its dißOontinuance." The information furnished by our contemporary regarding the guiding principles to be observed at the Sydney wool sales in future deserves the attentive consideration of all interested in transactions in New Zealand markets, for the desirability will soaroely be questioned of establishing a uniform "trade custom," where wool sales are held at so many centres), and which, while equitable in its operation here, should, if possible, be in accord with the routine and detaila found eligible in Australia.