WOOL SALES

Pahiatua Herald, Volume XXVI, Issue 2878, 2 December 1921, Page 2

WOOL SALES

TEMPORARY SETTLEMENT REACHED. Electric Telegraph—Press Associatior Wellington, November 30. In the House of Representatives this afternoon, the Prime Minister made the following statement: —“I presided at a conference this morning between the woolbrokers, wool-buy-ers, bankers 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 owipg 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 tlie new system, combined with the current financial conditions, wool buyers state that they are in some cases unable to finance their purchases within the time allowed for payment, viz., 14 days. As a result of an 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 shipping documents are available, such extension in no case to exceed the additional 14 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 "nas a very important bearing on it, and it is hoped tfm t a definite ruling may be obtained as a result of this. which will definitely settle the matter for all countries concerned. Hence, it was felt best to make now only a temporary working arrangement, pending this hoped-for final settlement. This arrangement will enable the wool sales to he recommenced at once, and is for litis season only. It has been agreed that the wool-buyers shall combine to press upon the interests concerned the necessity of making such a permanent arrangement 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, Wellington. Christchurch, and Dunedin in that order.” Concluding, Mr Massey said lie hoped the difficulty was now at an end, not only for this season, biit forbears to come.