WELLINGTON NOTES.

Hokitika Guardian, 15 August 1924, Page 4

WELLINGTON NOTES.

TH 1-j WOOL MARKET. , I

(Speciul to “Guardian".)

WKI.LINDTDN. August Iff. The wool-selling season of ] 92-1-25 i.s to open on .September 1 at Brisbane when 40,000 bales' me to he offered, and wonl-b:oker.s here tire naturally keen as to market prospects. In eonveisation with :i prominent Wellington wooll.roker it was as.re-

tained that there will he an increased number of buyers at tho New /calami sales; there will he it bigger henrh of vocifo:ating, perspiring hi:ltlers than ever before. News has come through from l.nidon that three or four additional buyers will accompany the oltl brigade when they leave London in the middle of next month. Asked as to the ( rose: is he declined to commit himself, holding that the woo! (osition was full of uncertainty owing to tin* operations of vitrioiis ex-

traneoiis causes, finantial being one of the priut.ipal. This is a retd menace to the market in Australia, hut mote should he known on the (mint after the sale tit Hiis'aii'e on Sept. L lie was of opinion that wool was wanted, and that the supply is not up to real il.vmind, this being cheeked by the inability t:f the consuming nations to pay the price. Since the war ended several countries that had previously relied upon Bradford and Germany for (ops. and therefore had no call to dabble in the raw material, have now their own tombing machinery, which they wevo forced to insta'l when the war cut off their supplies of tops, and these eountiics must l.nw buy wool to keep their combs at work. Last season Italy an l Switzerland tame into the X.X. market, and n representative of India was | resent at the close and ofuniie lively. H tlm Into 1 -

Allied Conference ends happily. as , now seems probable, Germany should he a keen buyer at the a] Teaching season’s sales, for in the wool trade Germany i 3 the key to Europe. The final arbiters t:f wool values are the ultimate consumers ol the iiui.shcd woollen product, who will certainly strike against high prices. It is unlikely there will lie a repetition of the ex( orientc of irst season, when values as: ended at each suet catling sale. It is possible that the average values fur crossbred wool may rule on n pa.tify with tli” January sale prices: il so. sheepl'a rulers may ;l.e ili.-a( ;/ >.l.itr ■-!. hut they will have no genuine cause lor complaint. (OMI’KTfXG KOI! DEPOSIT'B. The fixed and flee deposits are the chief resotirt es of the banks lor financing the trade. 1 ommoi'i e and industries of the country, ami a continuous How < f deposits to the hanks is not. mer.d'y exirahle, hut iiecessar'y itm* ( rtnliteers ami trailers are to lie liuantiai at reasonalile cost. I!e----tenlly the hanks have been subjected to very keen t onifvtition in vespe. t to lixetl deposits, the huililing itunpttnies nifelillg T pc:* tent, ami now tiie I’ttl,lie Trust (Mine is a: c.o.pling tlejiosits fixe.l for -J7 months tinil allowing It per (toil interest. '1 hese tleposits no doubt .go into the •‘common fund" ol the office, ami it is this fund that yields the Public Trust Office the magnificent profits that tire annually shown. This State institution enjoys sr.etial p: iviieges and the i-onifctitinn it is .offering is therefore unfair to the hanks who are unable to olfer the advantages of the .Public Trust Olii e. not enjoying the same privileges. A hanker stales that in New Sout h Wales all 11 ’.napnics or institutions, accepting depesits are obliged to puhli-h quarterly a i.tal'*ment similar to that issued by the hauls, and the same system should he ado] ted in New Zeeland. Accepting deposits and making advances is hanking business, and should I e ticatod ns such. It is not considered likely that any difficulty wiil be experience in fiitain iug ihc tomtitr\ > trade. Inti the , xi-linnge | ohi-oii will be a ,-0111111111110 difficulty iii.il will be iiistly to (he | loilucers. sriMT.I'SKS AND TAXATION. The Welfare League tackles the ques. lion , f dealing with the siir|ilus. whether il should be u-ed for debt reiletnption or taxation remission.’ ami rather ,Totals the issue than elmulnliug it. Mr K. .1. Rnlleslon urget) in the House that the sail Ins .slioiild he used for debt redemption, and instead of remitting taxation to continue the (ro lu- tion of mu pluses so that the reduction of debt may he I it.Ycedt'il with. The Welfare League is imputed to the hitler proposal as most people are. What is needed and desirable tie,or,ling to others who take an interest in National finance, is that, a realised surplus, as was the ease ill the two past finantial years, should hr- a] plied automatically to the reduction of debt, if il is intended that soim* ]'.<>! ti«>n of tlio works i he paid out tvf taxation, then the amount .should lie definitely state! and

( lilted on the I'Ntimates ami voted bv l’arlia.-nent. The nresent syolent is vicious and wrong in every respect. Tilt* fil'd that tin* Government call do vliat it pleases with a surplus is a <-1111-1:1 nt incentive to thff Govenm’.ent to imtnijHilate the Estimates mi as to produce a Mil-plus. If the year's sur- .( Ills was hevoiid 'tht* c'iuti'ol ol the (J-.ivernmeiit huge surpluses would not lie produced, 'hut taxation would I><* reduced.