N.Z. WOOL SALES

Waikato Times, Volume 94, Issue 14711, 28 July 1921, Page 7

N.Z. WOOL SALES

I POSTPONED INDEFINITELY. I ( ■ A HITCH WITH THE BANKS. I (By Telegraph.—Press Association.) WELLINGTON. Wednesday. The wool sales in Now Zealand are suspended pending an adjustment of a difficulty that has arisen between the wool buyers and the banks. The first sale affected is that at Dunedin, which was fixed originally for to-morrow, but as advised on Saturday, has been postponed for (ho present. The trouble is understood lo relate to the hill of lading, and is one of procedure rather than one of financial capacity. Representatives of the hanks, brokers, and shipping companies met Sir F. Bell, the Acting-Premier, this morning to discuss the position, but the deputation was taken in camera. The press was not admitted and the result is not disclosed. Later. The difficulty that led to the postponement of the Dunedin wool sale is oti it fair way to settlement. The wool buyers refused to attend any more sales in New Zealand until their dispute with the banks regarding hills of lading had been adjusted. Yesterday Hie chairman of Hie Wool Committee (Mr W. S. Bennett) and representatives of the banks, shipping companies and brokers conferred with the Acting-Prime Minister on the subject. Subsequently the banks made an offer to the buyers. A reply from flic buyers has not yet been received, but. it is anticipated that Hie arrangement proposed by Lite banks will remove all difficulties ns far its the present selling season is concerned. Negotiations will proceed regarding arrangements between the wool buyers and j the banks for future seasons.