WELLINGTON NEWS

Hokitika Guardian, 3 April 1928, Page 4

WELLINGTON NEWS

WOOL SEASON CLOSED. (Special to “ Guardian WELLINGTON, -March 31. The wool sales tor the season 1927-28 were brought to a close on Monday last, and just as the sales began at Wellington so they closed at the same place, and this by design to suit the convenience of the overseas buyers, who can thus complete their details, pack up their traps, and get away to interview their principals and perhaps resume buying operations in the Old World. The selling brokers, too, will feel a measure of relief, for during the past five months they have been going at high pressure, receiving, cataloguing and attending to the sale of the wool and afterwards to the shipping of the staple. It is now over forty -years since the first wool sale was held in New Zealand, and the initial venture was held at Christchurch. Sales were started in Wellington by the N.Z. Loan and -Mercantile Agency Coy. and were held in the company’s premises in Custom House Quay, where the palatial building of the Bank of Australasia now stands. When the Loan and Mercan tile Coy. erected its new premises. at that ■ time in an out of the way locality, sales were still held in the company’s premises. Wellington Art Gallery was also requistioned for the wool sales. These gradually grew, the number of selling brokers increased, and as the wool catalogues began to grow the brokers found it necessary to provide suitable wool stores in which to display the bales of wool for the convenience of buyers. f l no buyers, too, increased in numbers almost in each successive year, and the various wool consuming centres sent their representatives. The Dominion mills, with their expanding business, found ii necessary to each have their representative wool buyers attend the sales. In the earlier days most ol the wool was consigned to London through the hanks and stock and station agents, lor sale ill the great metropolis and the course of the London sales and the realisations there were easily watched by growers. Advances were of course obtained against consignments ol wool, and every grower was keenly anxious to know whether his wool sold at a

price to realise a surplus about the advance or whether it fell short ol that and he had a refund to make ami was not in a position to do so. The position and the conditions are so very differeiit now. "Wool is being marketed in an ordinary manner, hut there is still room for improvement. Growers find out the prices realised at the local sales are on a parity with world prices and with the added advantage that they receive payment for their clips a tortnight after they have been sold. I here is no waiting, no uncertainty anil a > anxiety. In lie- season just closed nearly the whole of the country's clip has been sold in the Dominion. Krorn 75 to 80 buyers have been in attendance at the sales, representing all consuming countries, and the evident competition between them has ensured lull market prices being realised. New Zealand wool produced in the season has gone to Bradford, Germany, France,

Belgium, Italy, Switzerland, Russia, Canada, United States, Australia and India—-that is to say it has been widely distributed. It is estimated that when tlic wool cheques for the last "Wellington sale are distributed on April 10th the wool growers of New Zealand will have received about £112,500.003, and the distribution of this wealth must have had a beneficial effect on the economic conditions of the country, the greater part of "this money has been derived from overseas and the banks in providing the finance will have earned their commission, the wool brokers have received their commission and charges, the railway and shipping companies have obtained their freights, the telegraph office and the cable companies have had their picking, and finally an army of workers have derived handsome wages. Thus we see that in seeking to benefit themselves have unconsciously provided numerous others with the means of livelihood or ol piofit. The wool season is one ol very hard work for those directly interested. It is a very trying time for wool brokers. and not infrequently work has to lie carried on all night and even on .Sundays. The staffs have been kept working at high pressure, for the trade demands that the work shall he done promptly and efficiently. If the wool brokers and their staffs are hard pressed the pressure on the wool buyers is very much greater. 1* l-om the moment the first sale begins, their attention is closely engaged, for they have not merely to appraise the wool and hid for what they wanted seated for hours in the saleroom, using their lung power to its limit. They have also to keep their principals advised by cable of their doings, attend to the shipment of their wool, arrange finance and- liumeious other matters and travel from place to place every week, which must be exhausting. Of all our produce wool is the host handled, best marketed, always realises the highest prices of the day and is directly beneficial to the wool growers and the community-ns a whole. The wool market in New Zealand, as we know it to-day, lias been developed by private enterprise, and for that reason is so satisfactory.