LOT-SPLITTING
AUSTRALIAN WOOL SALES BIDDING TO A LIMIT ALLEGATIONS IN SYDNEY. <Elec. Tel. Copyright—United Press Assn.) SYDNEY, Feb. 4. An allegation is made in the Labor newspaper in Sydney that, certain abuses are prevalent at the wool auctions here, chief of which is lot-splitting, under which a group of foreign buyers meet before th« sales to ascertain the aggregate amount of wool they require, and then later parcel it out among themselves. When the buying commences, one representative of this group bids about threepence per lb. below the price the group is prepared to pay. Vociferous bidding then goes on, creating the impression that fierce competition exists, but when bids reach the level agreed upon, all bidders but one drop out* and he secures the lot. It is also alleged that the Japanese Government has forbidden Japanese buyers bidding against one another. Federal Labor Parliamentarians are unofficially investigating the matter, in the hope of producing evidence that the growers are the victims of exploitation. Representatives of the buyers have admitted to the Prime Minister that lotsplitting goes on at sales, but they are powerless to stop it.
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Bibliographic details
Poverty Bay Herald, Volume LV, Issue 17176, 5 February 1930, Page 7
Word Count
187LOT-SPLITTING Poverty Bay Herald, Volume LV, Issue 17176, 5 February 1930, Page 7
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