SALE WILL OPEN

Evening Post, Volume CIX, Issue 42, 19 February 1930, Page 10

SALE WILL OPEN

BUYERS NOT EXPECTED

NOT SETTLED

.Wellington February wool sales will open to-morrow at tho Town Hall with a catalogue' of approximately 15,000 bales, but buyers are not expected to be in attendance.

.A dispatch from Christchurch received, last night , was t-> the- effect that the New Zealand Woolbrokers' Association had been negotiating between brokers' and buyers' representatives in respect to offerings of reduced catalogues, and the president of the association was then hopeful that a; settlement would be reached. Unfortunately hope was blighted by the non-appearance- of buyers in the Wellington stores to-day for the purpose of valuing. > ■v A. meeting, of the Wellington Woolbrokers ?' Association was. held, this morning to consider the position, when itwas ascertained that buyers were not in attendance at the stores for the purpose of valuing the wool therein displayed. ■ , Efforts were made by brokers to increase the offering of. 14,952 bales catalogued by an. additional 1500 .bales, making .' a . total . offering of approximately 16,000 bales. But buyers, it appeared, would not take less than an aggregate catalogue of 20,000 bales. - After the close of tho local brokers.' meeting to-day, Mr. J. B. Moodie, chairman, stated .that "as none of the overseas • buyers have attended Wellington for the purpose of valuing the wool stacked for the February sale, it is almost a certainty that 'the sale will be postponed." ■ ' The financial aspect of the situationis unpromising, for with 15,000 bales of wool undisposed of there will be at least £300,000 less to be derived from wool than was expected from the realisation of the offering had the sale proceeded, and presuming all the wool was disposed of in the sale. The wool sold in the New Zealand,auctions, as is generally known, is for cash; that is, it is paid for within fourteen days of tho fall of the hammer. Wellington district, then,- will have no wool cheque coming to it this month, nor next, unless the Bales are speedily resumed. Moreover, all revenue derived from the handling and selling and carriage of tho wool to te sold will be in suspense, and interest charges will continue.