WOOL SALE UNLIKELY.

Star (Christchurch), Issue 16585, 18 November 1921, Page 7

WOOL SALE UNLIKELY.

NO FURTHER NEWS. There is now only the remotest prospect of the Christchurch wool sale being held on Monday as arranged. Mr J. G. Herdman, chairman of the Woolbrokers’ Association, stated at noon to-day that unless ivord of a settlement arrived from Wellington by five o’clock this evening the sale could not bo held. WELLINGTON DEADLOCK. It is most regrettable that the Wellington wool sales, fixed for to-day, says yesterday's “ Evening Post,” and the first of the New Zealand series, had to be abandoned. Not- only is the Wellington sale lost, but the whole of the wool auctions for the season are in suspense. A deadlocks has been reached, and the woolgrower, who is least able to long stand out of the returns from his industry, will suffer most. It would appear that the real stumbling block is the liability for interest payable on the purchase money of the wool between the expiration of prompt date—i.e., foerteen days after the fall of the hammer—and the actual placing of the wool on board the vessel that is to carry it. That interval may be long or short, but the buyer is not prepared to shoulder the burden of interest, and the bank will not recognise the transaction unless positively assured that the wool isriij the ship’s hold. The amount of interest on the shipment of a whole season may not be large—all depends upon shipping facilities provided—oven if spread over a whole year ; but the principle involved is regarded as i} great one by the banks, buyers and brokers- The lamentable fact is that, instead of this dnv receiving between £54.000 and £55.000 for jhis wool, the grower will receive nothing, the wool not being sold. Mr Massey has done well in going direct to the fountainhead. the authority for the Bradford wool-buving interests. It is earnestlv hoped that some solution of the difficultv, satisfactory to all parties, will be found, and that speedilv, in order that the Dominion wool sales may proceed. and that the returns from the coUntrv’s chief product may be made available.