Away With the Middle-Man

Feilding Star, Volume XIV, Issue 37, 13 September 1892, Page 4

Away With the Middle-Man

The following circular will speak for itself to all who are interested in the question of wool. It was issued privately by Mr J. W. Hainsworth, of the firm of Cameron, Hainsworth, and Co., Coleman street, E.C, in June, butnow, having recived gratifying support from many interested parties, Mr Hainsworth is anxious that his scheme should be more widely known and discussed in the colonies. He suggests the formation of a wool union of producers and importers, to deal with wool and sheepskins on the same lines as at present worked by the London wool brokers, and (if thought desirable) to have their own warehouses for the housing of produce. It is pointed out that in 1891 more than 1,500,000 bales of wool were catalogued in London, representing, at Ll3 los per bale (the average computed price for last year, and the lowest recorded in the whole history of the wool trade), a total sum of L 20,200,000, on which commissions end charges were paid by importers. A company with a capital of half a million, in LlO shares (first ibsue to be of 10,000 fully paid up shares), is voted sufficient to work 800,000 bales a year; and it is assumed that the income would give a gross profit of L 30.800, and, after deducting necessary charge*, realise als per cent dividend and allow of about Lf o,ooo being carried forward. It is claimed by the promoters oi the union that buyers, having no preference for any one broker, would attend in full force throughout the series of wool sales and compete for each lot on its own merits.