WELLINGTON NEWS

Hokitika Guardian, 9 October 1928, Page 2

WELLINGTON NEWS

THE WOOL MARKET. tSpeeiai to ' Guardiuu.'Y . . WELLI NOTON, October 6. London wool sales have closed ysnd wool growers in Australia and New Zealand will no doubt feel disappointr ed at the turn of affairs. '.Crossbred | and h'alfhred wool, of "all 'f|escn'ptious declined rather sharply as compared with, the x losing gates' of. the duly sale ppd ii is^cai'cnlated:,that greasy devil jj> jtqd.; is |Sowhf2d' to $d .per lb, greasy |ne cross .•red 2d to 3d, and greasy medium. anticrossbreds 2d to - *d. Allow* ipto |or>|jie drop recorded crossbred is still at a profitable level and if ■ pieces, rein ai n so there wil l pot be fnHfib. But. there is always ip ,a falling, market of operators if'iaking fright, and thus forcing ..down prices to a level unwarranted by the circumstances. Messrs Dalgety and Co., in a circu- , lax*, state that at the moment it is difficult to express a decided opinion .011 the coming season’s prospects. It [sß, however, quite evident that prices established in the Dominion at the last .two sales of the 10‘27r28:. season were ' inflated, and that during the year the matxuf a tilling end of the trade have found it'’difficult to show a profit on. conversion costs. There is no doubt about wpot being in demand notwithstanding the ’ ihtrocluction of artifiHr silk and ather substitutes, but what is affecting .the 'price and depressing the market is the lack of .purchasing power on the part of the masses of consumers.- New Zealand’s principal market is Yorkshire and it would be to on. immediate benefit to see the wool textile, trade of England in'a sound and flourishing condition. But the British wool trade is suffering from Continental competition not only .in the neutral markets but als in the Home trade. Something has to be done to me?t the situation, and itis reported that employers in the VS est Riding wool textile industry are determined that something must be done t bring down .the. local cost- of production and' .so.Vonnble tbeni; more successfully, tor 'combat' foi'eigTi . competftsion,/ or business ma?t, be increased by giving tlipni more equitable competitive conditions in' the Home market so -as -tp assist them m the export .trade also. Some- - tfnie ago tlfe Bradford i n d pfstrict Manufacturers’ Association mpde ap-

plication for; the imposition- ctf; a- duty on imported light- weight goods undei the -Safeguarding /of Industries Act, tjjbtft, nothing was dope in the matter, the proposal was oppdsfed by. union leaders. - 1 '■ ?It is generally agreed that the position; especially'in the worsted section, is worse to-day than for. many years back. The leaders of the textile workers desire emplQyers to go on paying the -old standard rate of wages and maintaining present Working hours and conditions which wakes the cast of production much above that of- eompetirtors in Continental Europe. No matter what may be the actual ■ cause of the depression in the wool market the fact remains that our income from wool this season will be much lower; assuming the drop to average 2d per lb it will mean a loss elf about £'1,600,000. This is a loss we can ill afford just- now. NIGHT BANKING FACILITIES.

Night hanking is not a new proposition for it has been practised in some of the larger cities oil the United States for some time past. It is, li owe vet, new in England, and .it has ;just been introduced by the Midland Bank, of ,wWh Mr Reg. M’Kenna is the chairman. Jt is recognised that theatres, kinemas, restaurants, shopkeepers, and in fact traders genveallv who conduct business after the usual local banking hour have always had to retain in their possession considerable quantities of cash overnight or during the week-ends and holiday periods. * /"'"This they have had to do under conditions perhaps, not always onlculated maximum of safety oniconvenience. The present -infeovafidh is designed to provide for such cases as these, not by extending: the hours olf banking but by means.of a mechanical apparatus fivailable for . use...during those hours when the deors of .the HaPk are closed. This apparatus known as the 'night /safe, '.constructed. by . the f’dy.,,'is inside the bank building ‘is' connected by means'of a chute vntiffa .:-6tting built into the outside wall’.of The hank. Access to the safe is giCined by a revolving .door "in this fitting, the. door being controlled by a special key provided by the bank. The Customer is also furnished with a leather wallet in which he places cash, •fcheques ' etc. <..*’■ \ axter unlocking and opening the revolving door on the ouLs.de wait the customer places the wallet on a rotating platform as the door closes, thus permitting the wallet to travel via the : chute into the night safe. Here it refmains until the customer calls, during banking hours.' Tins wallet must bo used- solely Tor the purpose of holding Articles intended for the credit M the customer. The bank 'is not deemed to have received the.contents of the wallet uhtil the customer has opened it and paid in the contents to the credit Ob'his account. • , ’ Xl - ' ■