THE WOOL TRADE.

Hawke's Bay Times, Volume 18, Issue 1092, 11 August 1871, Page 2

THE WOOL TRADE.

[prom the "daily southern cross."] We question if there is anything more astounding in connection with modern trade practices than the late revelations concerning the sales in London of Australian wools. Our province may not be a very large contributor to these wool sales ; New Zealand's interest is more appreciable ; but even were the subject one in which we should have no pecuniary interest, and wholly foreign to our trade connections, the existence for years of such a state of things must excite our wonder. The distance of these sales from the place of production made a proper oversight, of course, a matter of difficulty; but that an organisation should have existed of such magnitude and thorough efficiency as that engaged in the, plunder of the sheepowner at the antipodes does not redound to the credit of that business smartness which is regarded as characterising colonial life. Thanks to the persistent and irrepressible efforts of Sir Daniel Cooper, light has been let iuto the dungeon of iniquity in the London sale-rooms; and a state of things has been revealed to which we should think that mere exposure should be almost a remedy. It appears that the manufacturers have been wholly shut out from the salerooms; and that brokers are alone the purchasers. These, having, through understandings with the auctioneers, exclusive information as to the lots, virtually have the goods at their own prices ; while the wool itself, which should, as is universally admitted, increase in weight by from 10lb. to 121 b. per bale, by some mysterious but potent influence invariably decreases in weight in the atmosphere of the sale-rooms, this being irrespective of an exorbitant allowance for " samples and sweepings." But a very clear light is thrown on these seemingly mysterious things by the fact that, thousands and tens of thousands of bales of Australian wool, bearing neither squatters' nor shippers' brands, are found annually to make their way into the manufacturing districts, and there to be sold at a price that must shut out other Australian wool more legitimately obtained. The s les being on fixed dates, many thousands of bales are made to pass under the hammer in the course of a single evening, and spectators affirm that the rapidity with which the lots are knocked down, and the absolute exclusion of all save brokers, reveal iu the most open and undisguised manner the collusion existing. Rather it would appear that the auctioneers are themselves the purchasers, and the brokers the agents for the dispersion of the goods over the manufacturing districts. But of all the abuses in connection with the trade, none has had such important results as the simple and undisguised practice of plundering the wool bales. In the " sweepings and samples," which are the perquisites of the auctioneers or brokers, and which constitute many thousands of bales annually, lumps of 151 b. and 201 b. are frequently found, taken undisturbed from the original bales. Although such a result of monopoly has not been exposed to public gaze for many a year, and the exposure is such as should be rather humiliating to colonial conceit. That such a huge abuse should have strengthened its position during years of immunity is quite natural, and the difficulties thrown in the way of Sir Daniel Cooper and the committee making inquiry in London have been almost insurmountable. The publishers of trade circulars at home have had even the assurance to address their antipodean constituents in terms strongly depreciatory of the "meddling" spirit of Sir Daniel Cooper, and expressive of the evil that will result from disturbing existing relations. But we can hardly think that a monopoly which has hitherto had the most injurious effect on the wool interests of Australia, and the very existence of which seems an anachronism in the 19 th century, can bear up against public opinion, and less still agaiust the awakened instincts of self-interest in the producers of wool. There cannot be a doubt that a reform is on the eve of being effected. It is demanded that the abuse of brokers shall be doue away with ; that the merchaut-consiguees of the wool shall retain possession of the wool, and sell it privately or publicly as may be most convenient and profitable, either by immediate communication with manufacturers or

through the medium of an auctionß distinct from the class of salesman hithejH known in the London wool market. '[E evil is one the remedy for which thepjH ducers of wool have in their own han« and it is to be expected that if consign<S are not able or willing to grapple wiaß the evil, however huge and deep root J a substitute will be found by a corabiiiH tion originating in the colonies. We caß scarcely think, however, that a state B things so utterly indefensible, and tlB existence of whieh has been a scandal iB commerce, will be able to bear the HgJB of day, and we are warranted in believimß that an abuse which lias been in tlB highest degree detrimental to the interesß of the colonies, and retarded their proß gress in the past, is on the eye of extiuß