COMMERCIAL

Timaru Herald, Volume CIII, Issue 15740, 26 August 1915, Page 7

COMMERCIAL

WOOL GLUT IN" LONDON. Press Association —By Tel. —Copyright. Received 5.40 p.m., Aug. 25th. LONDON, Aug. 24. ( Mr Dunstan Vavasour, of North Canterbury, in an interview said lie saw : in the Victoria Docks £IO,OOO worth of Australian wool lying in the wet, and some imperfectly covered with tarpaulins, much apparently rotting. He suggests that the embargo on export be removed to prevent the glut. The Port of London Authority states that only a few hundred bales are stored in the open, by shipowners, in order to release ships. It resents the suggestion that wool is rotting. If any is wet it is due to a recent abnormal storm. It points out that it is now handling practically the whole of the colonial wool, instead of the usual 30 per centum. Accommodation is restricted by the commandeering of a large space. The Port Authority spent £150,000 on new accommodation last year. "WHEAT CHEAPER. LONDON, August 23. Wheat is dull and weaker, sympathising with a decline in America and Canada. LIPTON'S LOSSES. LONDON, Aug. 24. At an angry meeting of Lipton's shareholders the deficit was stated to be a quarter of a million, which the chairman announced Sir Thomas Lipton would replace.