THE WOOL MARKET.

Taranaki Daily News, 1 December 1921, Page 5

THE WOOL MARKET.

THE SALES TO BE HELD. TEMPORARY ARRANGEMENT. By Telegraph—Press Association. Wellington, Last Night. In the House of Representatives this afternoon the Prime Minister made the following statement: “I presided at a conference this morning between representatives of the woolbrokers, wool-buyers, the banks and the shipping companies, at which a full and frank discussion took place, in an endeavor to reach a settlement of the matters which are holding up the Dominion wool sales. The whole difficulty has arisen owing to it having been decided in the British Courts that the system of issuing bills of lading previously in practice in New Zealand in connection with ether countries was irregular, and that under the new system, combined with the current financial conditions, wool-buyers state that they are in some cases unable to finance their purchases within the time allowed for payment—viz., fourteen days. “As the result of an earnest endeavor on both sides to reach a settlement it was agreed, as the only solution, of the difficulty offering, that during the present season the prompt day of payment should be extended only in cases where necessity arises until the shipping documents are available, such extension in no case to exceed an additional fourteen days. The question at issue regarding bills of lading is at present under discussion at Home, and recently a resolution was passed at a conference on maritime law held at The Hague which has a very important bearing on it, and it is hoped that a definite ruling may be obtained as a result of this, which will definitely settle the matter for all countries concerned. Hence it was felt best to make now only a temporary working arrangement, pending this hoped for final settlement. ‘This arrangement will enable the wool sales to be recommenced at once, and for this reason only it has been agreed that wool-buyers shall combine to press upon the interests concerned the necessity of making such a permanent arrangement as W’ili enable the fourteen days prompt to be reverted to next season. The wool sales will re-com menee at Napier on Monday, December 5, and will be followed by Auckland, Wellington, Christchurch and Dunedin in that order.” Concluding, Mr. Massey said he hoped the difficulty was now at an end, not only for this season, but for years to come.