WELLINGTON NEWS.

Hokitika Guardian, 18 September 1925, Page 4

WELLINGTON NEWS.

LONDON WOOL SALES. (Special to “Ouardiftn”.) WELLINGTON. September 10

When tile sales in Now Zealand terminated in .Miircli lasi many speculators who had bought Irecly in the earlier part of the season found themselves with many hundreds o! hales ol wool on which a loss was inevitable. The opinion then held was that values would show an improvement at the London September sales. The July sales uere ruled out because the carryover was very hie. The foreeast ol an improvement in values this month is not likely to he realised, because the volume of wool available tor -ale ami in sir'lll is considerably greater (bun it v.as a year ago. while the purchasing power of the masses is no greater, il it. is as wood as it was twelve months ago. According to cable advices the i|iiantitv of wool available for the curreii) London sales is 219.0!)!) hales an I ii| thi - fpiantilv A-POO hales are AusItalian. .V 2.000 hales New Zealand. Jo.tltiO hales Smith American. 2.111)0 hales Cane and -2.0(10 hales held over from last sales. It is not expected that the whole of this wool will he offered. hut the wool is in store and pre-sing against i) is the new dip. Pit vers are certain to take advantage

of the situation and buy from hand to month. That is certain to be the policy of Bradford. for Bradford lias to make good the losses oi the pti't season. If llm London sales receive any special support that support will come from the Continent. France is in urgent need ol wool lor army clothing, hut even that demand may weaken il the camnaigti aeainst. jhe Pills shows iiuv si Jills of lizzling. derma nv i- ad" In need ol the raw material, bill here ajiaiu it is more a question "l Finance than demand. It i- true that the wool market is not now dep 'inleut upon unv one ctitlllfry tor there are (ptite a number of buyers now. hut unfortunately all except the I'nitod States have the linalieial pri I !em to sol\e. In suite ot tnauv adverse tailors t nere is a stroll; feeling that values a| the current London sales will rule on a parity with the duly rate-. In writing ol tile July sales, Messrs 11. Daw-oil and Co., the well-known brokers, stated that the tone during the second halt ot the -cries was less confident with withdrawals which were very siliilit in the tir-t week wore heavier in the concluding stages. This lirm declared that in respect to crossbreds there were in:,itv hopeful sign- that the eontinumis decline had been checked, but il was held " the great need is tor increased volume of business from Hi" piece roods end. and tin- does not yet -how an v tendency towards improvement. The purchasin'' cower is (lippled because the world is poo,'; cheap yoods and cheaper are needed ; and not until those are available can there he anv legitimate hone for the fuller demand which will keep our machinery plant fully employed." It is useless expecting any advance in value-; espeeiallv lor erosshred wools hut il July prices are obtained that would l.e satisfactory. P.O. CPKIHT NOT KM. When opening a new post offhc at Eastbourne at the week-end the l’osl-nia-tcr-Goncral (.‘sir dames I’arr) intimated that a system ol credit notes was to be introduced to meet Urn convenience of holiday makers, and that system would l-e in oueration in tihi" lor the ! I'.ii-ime- holidavs. A d-u.-.,si-tor in the I’d). Saviors Rank prior t > going on a holiday into the oonn.try would he aldr to obtain a form ol re. mitt mice payable to himself a' any brnneh of the Saviors Lank in the Dominion. This would undoubtedlv be ol very "rent convenience to those holiday making. provided the l oiu eiu nn e of credit imtes i- not p.odgcd bv a lot of restrict e-n-. li l-he notes can le -cl IV if red tape they would certainly be of very rival coiiveniem e. lb' Saving- Dank ol!:,-ials deserve wren I credit for devi-ing Hi. new service for deposftors. and no doubt il will result in more deposit ace,units being opened. Il must be confessed that the I’.O. Savious Pa ilk has in recent years realised that, it exists to serve the depositors and il has risen to the occasion. There are perhaps other directions in which this Slate institution can reader further service, but care must he t:ik- ii that il is not Used to compete with the trading hanks of the Dominion. The function of the P.O. Savings Hank is to enrourugc thrift in the community. and if Llmt is kept in view at all times the hank will do wood work. The tradin'' hanks have the task of financing t!ie industries and commerce of the country and for this theie mils! Im a tree Mow of deposits to the hanks. Anythin.; that checks this does considerable harm to the eommcmilv.