BUYING OF WOOL

Southland Times, Issue 22296, 11 April 1934, Page 7

BUYING OF WOOL

AUCTIONS MENACED COUNTRY SELLING IN AUSTRALIA COUNTER MEASURES (United Press Assn.—Telegraph Copyright.) (Rec. 10.0 p.m.) Sydney, April 10. A plan to combat private country woolbuying, which in the past two years has menaced the Sydney auctions, has been adopted by the graziers’ conference now in session here. The new arrangement, which was evolved by' the Sydney Woolselling Brokers’ Association, aims at increasing the daily offerings and re-arranging what is known as the zone system so that spinning types come on the market early in’ the selling season. It is proposed to increase the offerings by comparison with last season to 13,500 bales a day from August 27. This continues until December 20, after which the quantity will be reduced by 1000 bales a day. The total quantity to be offered will be 688,500 bales.

Events have proved that a curtailment of offerings last season was a step in the wrong direction, as buyers were forced to go to the country to obtain spinning types to protect their business. It is also intended that all buyers shall sign an undertaking not to buy in the country and shall enjoy special trade privileges, including 14 days’ free storage. One speaker declared that the increasing allocation of wool for sale before Christmas would cause a “loss cf countless thousands of pounds.” The conference decided to give the new plan a year’s trial.