WELLINGTON NEWS

Hokitika Guardian, 25 August 1925, Page 4

WELLINGTON NEWS

WOOL CItETCHINGS. (Special to “Guardian”.) 1 WELLINGTON. August 21. t Not since the close of the regular ’ wool sales during April lias wool of any i-.-pe I,ecu olfered for sale hy public ( auction until Tuesday last when the , Wellington woolbrokcrs submitted a i catalogue of about 1000 bales consist- < mg mostly of crutchings. No one ex- ' ported that the sale would show iVnv outstanding features, and values were ; expected to rule law. Growers could ’ have olfered a great deal more wool, but believing that the market, vyould lie dead, kept the wool in the sheds, i and many are no doubt sorry that they did. The sale exceeded the most sanguine expectations and prices soared and were generally too high for Bradford. There was a remarkably large attendance and bidding u ils bri-k. keen and at times extremely animated. It is well known that Japan is a very consistent buyer of crut,.Lings. and at this sale its representatives'were keen after good erulehings, and buying on behalf of Australian woollen mills was also very keen. The wool is required hy the latter lor the manufacture of blankets, so it is staled. French buyers were conspicuous when any lambs wool was tillered, and they were ready to nay lull prices. The Dominion woollen mills were also purchasers, and there was a good deal of speculative buying. .Many who are alleged to have made losses during the past season were again to the lore buying very freely. The reserves were reasonable with the result that the hulk of the offering was cleared. Crutchings brought up to 103(1 or about 2d above sellers’ ideas of value. Crutchings. bellies ami pieces sold at prices above London parity as did also the lambs’ a 1 ml that fell to the French bids. The wool-brokers are naturally very pleased with the results and while everyone is anxious to take an optimistic view of the outlook, the memory of the debacle t'al followed on the high prices of last November makes brokers rather cautious in their views. Viere the high prices for crutchings warranted? is wlmt everyone wants to know. Undoubtedly there was considerable speculation, but speculators are not the sort to make two mistakes. They paid dearly for the one they made last November and it is unreasonable to suppose that they are anxious for author dose of that medicine. It looks very much ns if wool is in better demand and that is quite probable for consumption of stocks must have gone „n pretty steadily during l lie past few months. Certainly alter the Wellington orutehiug sale one cannot help IVcling inst a litUe more optimisticthan scorned warranted two or three weeks ago. However, the sales ol the new clip begin in Australia next month so that we will not have to wait long to get some idea ot the market prospects. I* AI? I.IAM ENT AND THE AI'RITRRGEXERAL. Business men are wondering what useful public service will he achieved hy the special committee set tin by the Prime Minister to review the allegations made by the Comptroller and A mlitor-Gcneral. There is not a single one in the committee that knows anything about the duties of an auditor. ’lhe State insists, and rightly -o. that men desirous o! undertaking audit duties shall pass an examination which is hy no means an easy one, yet when it comes to investigating the serious allegations made hv ihe Auditor-Gen-eral. a number of political nincompoops are selected for the purpose. The Government of course does not hope fur a thorough investigation; what it requires is a political investigation and a political report for a political purpose. The Auditor-General's strictures must he muddied, and he must in some measure he censured, or at least made to appear a.- having over-stepped his duties in recording the names of certain old age pensioners. A good deal of sympathy could he secured lor any (ensure motion on this point, noverthc less I lie Auditor-General is quite right in naming the delinquents. The Audit Office in calling attention to irregularities and lax methods has done nothing more than its ordinary duties. The Auditor-General comes between the taxpayers and the public service: he is the watch-dog for the public, and lie is absolutely right in directing public attention to the lax methods that are alleged to exist in the service. The Select Committee is hound to tone down the strictures of the AuditorGeneral, for there is sufficient of the Government party to bring in a soothing syrup report, hut whatever happens Ihe efi'ect of the Auditor-Gen-eral's report will be to galvanise the departments and make them more careful in their ways. The Select Committee in litis case is iust. one of the usual whitewash committees.