The feilding Star. Published Daily. MONDAY, NOVEMBER 6, 1893. THE WOOLBROKERS AND BUYERS.

Feilding Star, Volume XV, Issue 110, 6 November 1893, Page 2

The feilding Star. Published Daily. MONDAY, NOVEMBER 6, 1893. THE WOOLBROKERS AND BUYERS.

The following extract from the report of the Sydney markets forwarded to us by the manager there of the New Zealand Loan and Mercantile Agency Company explains clearly the position between the brokers and buyers:— "The initial sales of current series were held on October Bth, and as expected resulted most satisfactorily. The growing popularity of Sydney as a wool centre, was abundantly evidenced by the large increase of buying power ; neyer before, in any Colonial Bale room, have so many representatives been gathered together as was the case on this occasion, and the eager manner in which bids were given, shows clearly that large orders are on the market, and that a brisk season is assured. For some years, one of the •• Conditions of Sale," viz., that " all purchases must be paid for prior to removal of wools" has been almost wholly ignored ; recent financial developments, however, have shown clearly the necessity of enforcing this condition. The seller hitherto has accepted buyer's cheque without any guarantee as to whether it would be honored 0 n presentation, and has given delivery of whatever purchases the cheque represented, leaving himself without security in the event of the document being dishonored. Thede termination to enfore the rule referred to, and which lias existed so long, has brought about a little dissatisfaction in the ranks of the buyers, and a conference is now sitting with a view to effecting some equitable basis on which payments may be made. A similar difficulty which arose in Melbourne last week has been adjusted by buyers admitting the fairness of Broker's request to satisfy themselves as to the fate of cheque before delivery of wool is given, and we have every reason to hope that a definite understanding will speedily be arrived at here. Many clips, which hitherto have been despatched direct to London, are this year being offered in Sydney, and the tact that buyers have been found for most of such lots is clear proof that growers have recognised the great advantages which our sales offer, and that each year will witness a large increase in the local disposal of these clips. Compared with opening rates of last year, prices show little or no change, the only exception perhaps being in the case of bold shafty lots and super pieces, which may be quoted £d higher than last year's rates. Quotations run us follow :— Good— Greasy, 7d to B£d; medium, Gd to 6fd ; inferior, from 5d ; best pieces, Gd to 7d ; medium, 3d to Gd ; inferior, from 3|d ; best bellies, 4cl to 4|d; medium, 3d to 3id; inferior, from 2d. Washed— No super offering yet; medium, B£d to 9£d ; inferior, from 7 Ad. Super Scou redFleece, 15d to" 17d i good, 13£ dto

14^cl ; medium, 12cl to 13d; inferior, from 10|d. Scoured Pieces — Super, 13d to 14d ; good, lid to 12d ; medium, lOd to 10£ d ; inferior, 8d to 9|d. Scoured— Bellies, ll^d to 12d; good, 10.id to lid; medium, B£d to lOd ; inferior, 7d to Sd ; Super Scoured — Locks, BJd to 9d; good, 7d to 8d; medium, Gd to G^d ; inferior, 4d to s£d." Since the above report came to hand we have beeu advised by cablegram that the wool difficulty had been amicably settled on Friday, when a concession by the sellers was accepted by the buyers. The sales begin today, when twelve thousand bales will be offered to reduce the accumulated stock. It was stated in a telegram published by us on Saturday that Canada and Japan will absorb a large proportion of ths present stock.