WELLINGTON NEWS

Hokitika Guardian, 27 July 1926, Page 4

WELLINGTON NEWS

WOOL INSURANCE

(Special to “ Guardian.”)

WELLINGTON. July 23.

Both the Moat Control Board and the Dairy Control Board have taken considerable credit tor having arranged lower rates for insurance for meat and dairy produce and this together with concessions in freight that were obtained were claimed to' have justified the existence of these boards as these concessions had saved producers many thousands of pounds. Those conversant with the position recognised that the concessions were inevitable, and that both freight and insurance were duo for a fall owing to the changed conditions, Shipowners and underwriters are not in the habit of giving away anything; they look for profits and see that they have a reasonable chance of getting them. If the control hoards' named are entitled to take credit for securing a reduction in insurance rates, then the New Zealand AVoolbrokers’ Association is entitled to especial credit also for this association has after much effort obtained concessions from underwriters on behalf of the woolgrowers. 'flic 'concessions secured range from 30 per cent to 40 per cent on the old rates. The new rates are as follow and cover the regular lines which are defined as the New Zealand Shipping Company. Slmw Savillo and Albion Company, Turnbull Martin, P. and 0., Bilby’s, Leyland, White Star. Federal and Shire, Commonwealth and j Dominion, also Union Steamship Coy j and Huddart Parker steamers, City of Winchester. Bimouski and Huronian: From Port to United Kingdom 7s per cent F.P.A. and 10s 6d per cent W.P.A.. including fire risk in port store LOs and 11s 6d; including coastal risk by steamer, with transhipment 11s Oil and 13s ; including fire risk in out port store and coastal risk in New Zealand by steamer with transhipment 12s 6tl and 14s, shed door or foltmongery to United Kingdom (land transport only) 11s and 12s 6d, shed door or fellniongery to United Kingdom (land transit and coastal) 13s and 14s (id; sheeps’ back to United Kingdom (land transit and coastal) 14s and lbs Gd. If surf loaded Is per cent must be added. Hie wool trade lias so far escaped being placed under control by legislation and it is the one New Zealand product that is marketed in a satisfactory manner. Practically tbc whole of the last clip and the carryover of the previous season lias been sold and the money received by the growers which is more -than can be said for the controlled products. WOO!/ SALES. ' ’

Recently an ex-banker in writing to a Wellington paper made a comparison of wool prices obtained at auction in London and wool prices on or about 17 A far cb last, of course to the detriment of the local market. This attempt to belittle tlie local market lias not been allowed to go unchallenged for the Wellington Woolbrokers’ Association in an official reply points out that the wool offered at the Jfareli sales in Wellington represented to a large extent the inferior and back country wool grown in the province, whereas the wools sold in London in. March would represent some of the finest early shorn clips from New Zealand and the comparison therefore if the figures were correct would be un-

fair. As a matter of fact London prices, less freight and selling charges, do not show any advantage over the prices realised locally. In reality on some Hues Wellington prices arc better and when the condition of the woo] )J considered they were very much better. “Ex-Banker” contended that cost of selling in London was not very much greater than Dominion charges, but that is not correct. Account sales of •two lines of 97 bales and 75 bales sold in London show selling costs to be 2.61(1 per lb, -which of course includes exchange, marine insurance and shipping charges at (Jus end.' Three lots sold at the New Zealand sales, comprising 145 bales, 78 bales and 89 bales, show that the cost including insurance from sheeps’ back; cartage to store, receiving and warehousing charge and brok-

er’s commission works out at ,58d for the first lot, ."54d for the second lot, and ,49d for the third.. It is therefore necessary to deduct 2d per lb from Loudon values to a fair comparison, .