3000 PER CENT

Dominion, Volume 13, Issue 115, 9 February 1920, Page 5

3000 PER CENT

WOOLSPINNERS' ENORMOUS PROFITS REPORT OF BRITISH COMMITTEE By Telegraph—Press Association— Copyright (Eeo, February 8, 5.5 p.m.) London, February 7. The report of tho Profiteering Act Committco on wool-spinners' profits -has been issued by the Board of Trade. It shows that enormous profits wero made by spinners. The highest instance of excess percentage on the profits officially allowed works out at 3000 per cent., and in no case is tho excess profit over that allowed by tho War Office schedule of fair prices less than 250 per cent. The committee says that at least half of the forty tyes of yarn investigated showed n profit of not less than 2nd. per pound, the excess percentage accruing to spinners being, on penny per pound yarns 2500 per cent., and on threepenny per pound yarns ?33 per cent. The spinners objected to the figure_s on which these calculations were based, as being misleading, and supplied their own tlgures, which showed profits ranging from 2-10 t.o 250 per cent. The committee finds that no facts went disi.losed to support the,view that spin ners wore inadequately, remunerated by tho War Office during the war. and that the Profiteering Act had no apparent effect on the prices of worsted yarns or the profits rising from the sale of the same.—Aus.-N.Z. Cablo Assn.-Keuter.