DELIVERY FOR CASH ONLY.

Dominion, Volume 5, Issue 1497, 20 July 1912, Page 4

DELIVERY FOR CASH ONLY.

NEW WOOL SALE REGULATIONS.. Tho public will remember the trouble which occurred last year between the wool-brokers and buyers through tho absenco of, a. definite,tvnd satisfactory agreement!, UP to , 'when , and-how 'pAynient was to bo mado for wool purchased at local wool sales. This matter has been satisfactorily settled, and the regulations governing the new conditions' of eato, .the compilation of which had been left to Mr. A. E. Mabin (president) were 6ub,mitted tj tho annual meeting of the New Zealand Woolbrckers , Association, held in the Chamter of Commerce yesterday. The new regulations deal with methods of packing wool, shipping, payment, etc. Tho all-important point' involved in the ohaage is that tho fall of the hammer at a wool sale is no longer tho pivot, of tho transaction as horetoforo, which is to eay that a lot being knocked down' to a bidder does not make tho lot his. Hia Tights as owner do not bejjin until ho has paid for the wool in cash, or otherwise. This arrangement, which has been approved by the buyers, will prevent any complexity in tho mattor of insurance, as the eoller's policy will lapse on the day tho wool is paid for. "Prompt" for the future 6hall be counted as from tho last day of the sale. "Payments must not be delayed," eays one regulation, "because one or more invoices are not in buyers' hands at cx« Siry of 'prompt.'" Brokers who havo_ ronored invoices and specifications within speoifiod. time, shall bo paid on "prompt , * day. The buyer shall, however, have recourso against the defaulting broker, and shall be entitled to debit him with interest which may have occurred on other brokers'- invoices. Each lot shall bo considered a feparato sale, and no broker shall withhold delivery of any lot or IoU paid for in accordance with the conditions of sale in case of a dispute upon anothor lot or lots.

At yesterday's meeting, there were representatives present from Invercargill, Duuedin, Timarsi, Wellington, Christchurch, and Napier. Tho accounts for the voar wero passed, and Mr. A. E. Mabin was prevailed upon to accept an- > other year or office as president. Ho was also tuanked for the time and trouMehe had unsparingly ffivon to the compilation of tho now regulations (further particulars of which wo given on pajo 7 in this issue). '