WOOL CABLEGRAMS.

Gisborne Times, Volume XXVI, Issue 2274, 20 August 1908, Page 1

WOOL CABLEGRAMS.

ARE THEY RELIABLE?

A QUESTION IN THE HOUSE. (Special to “Times.”) WELLINGTON, August 10. Mr. Tlios. Mackenzie recently gave notice of a question regarding the reliability of the cabled advices of the price of wool in London as received from the High Commissioner’s office. lion. Jns. McGowan, in reply, said that the information supplied by the Commissioner is as reliable as can be, or is obtained, from any other sources, and shows the actual position of the wool market as demonstrated by the sales in London. Certain buyers and their agents ir 'lie Dominion do, when the opportunity occurs, endeavor to discount tlio markets with a view to buying as cheaply as possible. This cannot be avoided, but producers arc safo in taking the Commissioner’s cable ns reliable. Regarding .the state of the market at the time of tlio sales quoted, no attempt is. of course, made by either the Commissioner or the local officers of the Industries and Commerce Department to forecast markets, and for very obvious re isons such a step is altogether undesirable. In the opinion of local firms of very high repute, whoso interests are considerable and whoso reputations are above suspicion, the Commissioner’s cables are in every way reliable, and they state that if the Commissioner errs at all it is in the direction of quoting above rather than below ruling rates. Reporting tlio closing July sales, the Commissioner said prices averaged id in advance over those ruling at the close of last sales (May). Then follows the range of prices. Tlio. [d advance means 5 per gent, on lino wools and up to 10 percent, on coarso crossbred'?, and this agrees with the prices quoted by Messrs Dilgety and Co., and is 5 per cent higher than the prices quoted by another leading firm, who, being selling brokers, have no inducement to understate the market. hut rather the contrary. The fact that they ringo of prices given by tlio Commissioner for merinos at tlio close of the July sales is slightly under the range of prices quoted by him at the closing of the May sales did not necessarily affect his statement. There was an advance of Jd per 11). on the average prices and it was just this point that has misled Mr. Mackenzie. The firms which lie

had quoted gave no range of prices, hut based their quotations on averages obtained at the sales referred