THE WOOL TRADE.

Nelson Evening Mail, Volume VI, Issue 213, 8 September 1871, Page 4

THE WOOL TRADE .

(From the Daily Southern Cross.) We question if there is anything more astounding in connection with modern trade practices than the late revelations concerning the sales in London of Australian wools. Our province may not be a very large contributor to these wool sales ; New Zealand's interests is more appreciable ; but even were the subject one in which we should have no pecuniary interest and wholly foreign to our trade connection, the existence for years of such a state of things must excite our wonder. The distance of these sales from the place of production made a proper oversight, of course, a matter of difficulty ; but that an organisation should have existed on such magnitude and thorough efficiency as that engaged in the plunder of the sbeepowner at the antipodes, does not redound to the credit of that business smartness which is regarded as characterising colonial life. Thanks to the persistent and irrepressible efforts of Sir Daniel Cooper, light has been let into the dungeon of iniquity in the London sale-rooms; and a state of things has been revealed to which we should think that mere exposure should be almost a remedy. It appears that the manufacturers have been wholly shut out from the sale-rooms ; and that brokers are alone the purchasers. These, having, through understanding with the auctioneers, exclusive information as to the lots, virtually have the goods at their own prices; while the. wool itself, which should, as is universally admitted, increase in weight by. some 101 bto 121 b per bale, by some ' mysterious but potent influence invariably decreases in weight in the atmosphere of the sale-rooms, this being irrespective of an exorbitant allowance for " samples and sweepings." But a very clear light is thrown on these seemingly mysterious things by the fact that thousands and tens of thousands of bales of Australian wool, bearing neither squatters' nor shippers' brands, are found annually to make their way into the manufacturing districts, and to be sold at a price that must shut out other Australian wool more legitimately obtained. The sales being on fixed dates, many thousands of bales are made to pass under the hammer in the course of a single evening, and spectators affirm that the rapidity with which the lots are knocked down, and the absolute exclusion of all save brokers, reveal in the most open and undisguised manner the ! collusion existing. Rather it would appear that the Auctioneers are themselves the purchasers, and the brokers the agents for the dispersion of the goods over the manufacturing districts. But of all the abuses in connection with the trade none has had such important results as the simple and undisguised practice of" plundering the wool bales. In the " sweepings and samples," which are the perquisities of the auctioneers or brokers, and which constitute many thousands of bales annually, lumps of 151 b. and 201 b. are frequently found, taken undisturbed from the original bales. Although such a result of monopoly has not been exposed to public gaze for many a year, and the exposure is such as should be rather humiliating to colonial conceit. That such a huge abuse should have strengthened its position during years of immunity is quite natural, and the difficulties thrown in the way of Sir Daniel Cooper and the committee making inquiry in London have been almost insurmountable. The publishers of trade circulars at home have had even the assurance to address their antipodean constituents in terms strongly depreciatory of the "meddling" spirit of Sir Daniel Cooper, and expressive of the evil that will result from disturbing existing relations. But we can hardly think that: a monopoly which has hitherto had the most injurious effect on the wool interests; of Australia, and the very existence of which seems an anachronism in the 19th century, can bear up against public opinion,! and less still against the awakened instincts of self- interest in the producers of wool. There cannot be a doubt that a reform is on the eve of being effected. It is demanded that the abuse of brokers shall be done away with ; that the merchant con-; signees of the wool shall retain possession of the wool, and sell it or publicly- as may be most! convenient and profitable, either by! immediate communication with 'manufacturers, or through the medium of an; 'auctioneer distinct from the class of sales- 1 men hitherto known in the London wool | market. The evil is one, the remedy for \ which the producers of wool have in their \ own hands, and it is to be expected that | if consignees are not able or willing to; grapple with the evil, however huge andj "deep-rooted,, a substitute will, be found by j a combination originating in" the colonies. j We can scarcely think, however, that a j state of things so utterly indefensible, j and the existence of- which has been a scandal ;to commerce, ; will be ; able to bear the light of day, ■and we are warranted in I believing that an abuse whioh Has been in

the highest degree detrimental. to the interests of the colonies, and retarded their progress in the past, is on the eve of extinction.