WOOL MARKET.

Taranaki Daily News, 27 July 1921, Page 5

WOOL MARKET.

A QUESTION OF SHIPMENT. BUYERS AND THE BANKS. By Telegrar.h—Pre«« Association. Wellington, Last Night. The difference which arose between the buyers of wool for shipment and the banks has been satisfactorily adjusted. It has been the custom of buyers to draw through tbe banks, and if a ship was not in port ready to receive wool shipments the banks apparently placed an obstacle in the way of bills of lading being negotiated, and in 1915 the banks notified buyers that they would not accept bills of lading until the ; vessel on which the wool was to be loaded [reached port. An understanding was then reached between the oanxs and wool buyers and an alter'd i. of bills of lading was made to meet the position. During the commandeer period the matter was left in abeyance, but when rhe open market, was reverted to and this season’s sales opened buyers continued to deal with hills of lading as previously. The banks were not satisfied that this wiu l a legal method of business, and notified buyers that the vessel to carry wool must be i in port when the bills of lading were pre- | seated for negotiation. As the outcome of | the banks’ decision buyers declined to at ; tend any further sides in the Dominion until the matter was adjusted, and in the . meantime the Dunedin wool sale is postponed. The wool brokers and shipping companies consulted, and representations I were made to the Acting Premier (Sir Francis Bell) on the subject. It was sub- ( :?quently announced that a settlement of rhe difficulty had been reached. When the (brokers were acquainted with the settle- ; merit reached between the banks, and the shipping companies Cabinet communieations were sent to the offices of the WgoI- ! buyers’ Association of Christchurch, Ritggest’ng a wool sale at Dunedin on August I S, and at Invercargill on Avgust 11, but i pend ng the receipt of a reply the holding of the sales is indefinite.