The Gisborne Times. PUBLISHED EVERY MORNING. SATURDAY, JANUARY 18, 1908. THE WOOL TRADE.

Gisborne Times, Volume XXVI, Issue 2092, 18 January 1908, Page 2

The Gisborne Times. PUBLISHED EVERY MORNING. SATURDAY, JANUARY 18, 1908. THE WOOL TRADE.

Now that the wool trade is allowing some signs of recovery, it is interesting to note tho views of Commonwealth experts on the fate situation and its causes. The Syduev Morning Herald” in referring to the fact that the next sales in the New South Wales metropolis have been postponed from Jan. 0 to Jan. 21, infers that Sydney brokers we.ro the first to stand up against the “bearing'’ tactics of the Brad foul buyers, it proceeds to set forth the position as follows:

At first it seemed as if the premier Australasian market was going to stand alone in the light tor liriner values; but now Victoria' and Brisbuue have risen to the occasion, and Tasmania is doing a- little towards restoring confidence in the staple that should be as strong as the current bank rate, it is all a light- for values; and Australians, as sellers, must be equal to the buyers from the four corners of the earth. The buyer;.; set- out each season to bring wool values down to the level of salt wateer—or as near as they can get to it. Sometimes the Fates are against them, but more often they are favorable, csncciully during November and December. The fight is carried on both hero and on the other side. As the slumpy wool season advances Bradford -topmakens gird up their loins and sell forward at lower rates, or lower the quotations for small parcels, not because trade requirements necessitate these “bear” tactics, but wholy and solely because it it the Law —tho law of excessive supply of -wool in Australia, for two short months of the year. For the past three months Bradford wool users have been lighting on these lines; there were orders for tops and yarns at prices consonant with the rulings for wool in Sydney in October last, when tops were moving at 29d per lb. Since then thero has been no falling off in orders, no piling up of stocks, no gloomy outlook' of any extent- abroad, and no untoward happening except the trust panic in the United States. This American upheaval led to a drain on the gold reserves of Great Britain and Europe ; money became tight, and then the “bears” hugged the wool situation for all that it was worth. Wool did not become more plentiful so far as the world’s supply 'was concerned, but it w.js rushed on io the Australian markets earlier than last year because it was shorn earlier. Buyers began to go slow, limits were reduced. and orders were not so plentiful; yet tiie offerings were made as if the opposite position faced Australian voolgrowers. In fact not only did ail the inter-state markets go strong, but! Adelaide made tremendous offerings .and Brisbane forked up record catalogues, which drew buyers from their regular quarters, and thus still further burdened ail already overweighted market. It .is conceded pretty generally now that a halt should have been called .at the end of November ;while others go further and say that if ever there was a period when buyers should have been relieved of tiie financial strain of lifting a large portion of the Australia u clip at an inconvenient time it was in November and December of the current wool year This might not- have been io the liking of European financiers, and might have put a little rheumatic gout- into the forequarters of the Bradford “bears,” but it would have tended to secure more remunerative rates to Australian woolgrowers. These contentions are fully borne out- by the progress of events. The* bank rate lias again eased in England Thus relieving the financial position, and as a large portion of the Australian wool is now off the market the whole position is much more favorable for the man who still lias wool to sell. It cannot- bo expected that the Old World will quickly recover from the- strain brought about by the Wall-street panic, and true values will probably not be reached for some time, but in the meantime it is gratifying to -reflect that- in a time of stress, wool held its position as strongly as it did,

THE I LON. MR It. MeNAB. Alihoughr it is us Alinister for Lands Unit lie is host known, wo Jmvo an idea that tho lion. Mr. MeNab finds more satisfaction in lii.s position id Minister for Agriculture, for bo certainly appears to groator advantage in his conduct of the departmental work of this most important brunch of the public service, Ilian in his other role of political partisan, in Ihe interview which is published in this issue, tho Minister gives a most interesting aeueunl of the most recent work of the Agricultural Depart incut, and the strongest impression left on our mind:, i., that Poverty May- farmers do not make anything like the use of the Do part niont’s resources that they should. Whilst our orchardists arc afflicted with the eodliu moth scourge, Mr MeNab was aide to show that his officers havo boon able to complolcly eject it Ifom tho State orchards, and apparently it only remains for our fruit-growers to follow tho same methods, in order to produce similarly gratifying rosults It is satisfactory to learn, that thoro is no intention to administer the now apiaries Ant with undue hardship, and bee-keepers will be reasoned with, rather than threatened, in regard to compliance wdh the regulations that have been devised to put a stop to tho spread of foul brood. AY’hilo not giving a definite reply concerning the appointment of a local grader, the Minister’s remarks on tho position of the dairy industry, suggest that it is only necessary for tho position to be put clearly boforo him, and lie will make some arrangements whereby butter for export can bo graded hero. This would bo greatly appreciated by local dairymen, for.it is a fact that we can never take an important position in dairying until some such provision has been made. All 1 . MeNab is evidently enthusiastic concerning this branch of his work, and his ideal, in tho establishment of Government dairy herds, from which the ordinary dairy farmer can obtain tested dairy stock at a low figure, is in tho highest degree praiseworthy. Tho reply of tho Alinister on tho question of tho position of tho holders of grazing runs, will not make very pleasant reading for the present lessees. Mr. MeNab makes it clear that he accepts fully the recommendations of tho Land Boards as to tho disposition of these runs as they fall due. Their attitude is, tlfftt tho runs aro to bo subdivided whenever convenient for closer settlement, in which case the present lessees are simply left in tho lurch. The hardship that would undoubtedly be thus done to some occupiers who are only now beginning to leap the benefit of years of pioneer work in the backbloeks, was pointed out, and the only gleam of hope was the Alinister’s statement, that ample notice is given to the lessee of the Board’s intention to refuse another lease, tho implication King that in an extreme case of hardship the Alinister might ask the Board to review its decision. If the Board makes no exceptions in tho attitude they havo taken up and refuse another lease in every case where the land can be subdivided there will certainly bo somo grave, injustice done, and the deputation which is to wait upon the Alinister to-day will in all probability be able to show some good reasons why some special consideration should be given to those who have brought the runs to a profitable stage. AATien the Alinister left the question of administration and dealt with land legislation he by no moans lost his enthusiasm, but it was enthusiasm of the sort that can scarcely be shared in by those who wish the country well. Air. AlcNab now openly boasts that he has got more on to tlio Statute Book than lie had ever hoped for, Iml is in the highest glee becauso he has hoodwinked those who stood for .lie interests of tho mail on tho land. With Mr AlcNab it is a crime to bo successful financially, unless that sue ■ess has beeii achieved in the field jf commerce or professionally. If t has resulted from the expemliVuro of money, labor and skill on the ■ and it is to bo visited with all sorts ,<f penalties, and figuratively speaking the Alinister seems to be chuckling in his shoes at what lie apparently deems a clever ruse to get at the huge landowner. There awe however, two sides to every question, and we sincerely trust that tho effect of our latest legislation and the stringency with which it seems likely to be administered, will not breed a feeling of distrust amongst the ablest farmers of tlio Dominion, so chat they will seek ther fortunes in other lands, leaving this country solely to the care of the State pampered small leaseholder. However, tho legislation is now on the Statute Book, and wo can only hope that the worst may not be as bad as we fear and as Air. AlcNab hopes. His visit, is likely to be a- memorable event in our local happenings, and it will be still more so, if he decides to meet the people of Gisborne publicly and give a political address As a hard worked Minster, Air AlcNab is naturally not seeking this form of recreation, but the impression gain-

id from bis remarks last night was hat lie would certainly accede to a request of the kind if put before him in proper shape by the town officials.