WELLINGTON NOTES.

Hokitika Guardian, 19 December 1924, Page 1

WELLINGTON NOTES.

WELLINGTON WOOL SALE. (Special to “Guardian”.) WELLINGTON. December 17. Wool values showed a further break I 4is compared with the Napier sale where the first drop in values was registered. Wellington prices were fully 1 itl lower, if not more, on the prices ruling at Napier. It seems that the buyers were under instructions to opi -crate with caution, and their orders ! and limits were reduced. American : buyers were very conservative, buying only a few lots. American competition 1 is nil important factor in maintaining values, and when this competition is slow wool prices generally drop. Continental buyers were also buying cautiously and they too appeared to have had tlieir orders curtailed, for they . were after the cheaper wools such as bellies and pieces, and where these showed quality good prices were obtained. The market received its main support from Bradford, and that will always be the ease for Bradford knows -wool, and can turn it to nccouiU where others would fail. Although prices "have dropped there is no sympathy due to the wool growers for the prices at a reduced figure are still very high and providing the wool grower with a satisfactory income. Prices to-day are more than a hundred per cent, higher than they were a year ago. The prices are high enough to give a fillip to . sheep farming in New Zealand, and no clouOt we shall see further increase in the Hocks. But what is the cause •of tho drop? A month ago various reasons were advanced for the rise that was then recorded and the statistical position was held to ho the chief cause j sif the advance. Obviously the statis- ; tical position is just as bad or just as : .good now as it was then and yet prices have fallen. Finance appears to he at -the root of the trouble; users can find a. lot of money, but when money is dear or is likely to become dear busi•jicss is bold up. Dearer money in some countries, and the prospects of 'dear money in others has checked eomipotition. and .prices have gone hack.

Although the recession in values is appreciable, it is not serious, but it would lie serious if there happened smother cut in prices at the January wales. Many brokers are wondering whether the downward trend will creep into the January sales, or whether prices will now stabilise. Everything will depend upon the trend of the money market. If there is no new disturbance business will go on as usual and present prices will about hold, hut movements, and probably adverse movements, in the money market must be expected. It is just possible that at, tihe January sales there will be a furij'ier drop in wool values. THE RAI LAY AA' SENS AT I ON. The changes in the Railway Department which have come with such suddenness arc puzzling a good many people, who want to know why tilings happened just in the way they did. AVns it necessary that Mr M’Villy should have resigned last week or that the Chairman of tho proposed Railway Board should have been appointed with such swiftness? Tlio "Rost” in referring to this matter says:—“ The far reaching changes made by ATr Coates in the Railway Department have taken place suddenly. The Ministerial announcement of the General Mniingor’s resignation is made only today, although llic Manager's active as social ion with the Department terminated on Friday, and a Railway Board chairman had since been appointed to commence duty. It appears cither that the announcements have heon delayed, or that the changes have been rushed; and the Minister would ho well advised to make a comprehensive statement. which will remove any public suspicion of proeipitato action.” Most people here think there bus been precipitancy and arc waiting for the real action to be disclosed. It is alleged that there has been considerable friction between the Alinistor and the General Manager, and the latter, it is stated, could not further tolerate the intereference of bis Ministerial chief in the administration of the Department. Tlio question is lias Air Al’Vill.v resigned or retired on superannuation? In any case when a change of Government comes about it would not bo surprising if tlio wide knowledge AHAL’Yilly possesses of the New Zealand railway service is again made available to the country by bis appointment to the Board in some capacity. The Alain

Trunk Limited which was inaugurated last .Monday is claimed to be a success, probably it will be a success, but it scents peculiar that no mail matter is carried on this service, at least the Rost Office gives no indication of mail matter being accepted for this service. Surely it is quite important to business men to have tlieir letters carried with the same .speed as they are themselves. This is a matter that should be immediately rectified. THE RRIAIE ALINISTKR’S SHOES. That Air Massey is a very sick man is well known, aml there is not an individual in the Dominion who does not hope that bo will soon recover. The Erime Alinistor is ill and it is one of tlio possibilities of the near future that illness may force him to resign, or that some one Minister must act as Prime .Minister while Afr Atassev is recovering. Intrigues are reported to ho in progress. _ Some say that the Hon. .T. G.- Coates is the prospective Prime Alinistor, while others say that the ITon. C. .T. Parr lias visions of holding office. Then there is the lion. Downie Stewart, not to mention Air Holland, and Air’ T. AVilford and Air Rolleston of Timaru.