IMPERIAL WOOL

Evening Post, Volume CVIII, Issue 17, 21 January 1924, Page 8

IMPERIAL WOOL

STATEMENT OF THE BUSINESS

During the war the Disposal and Liquidation Commission of the Imperial Government, to ensure adequate supplies fov the troops, acquired' the clips of Australian and New Zealand wool for the four seasons 1916-17 to 1919-20, together with supplies from other sources. An' official statement recently published shows that the total quantities in bales purchased wereMn round figures: . • . .. Bales. Australian (including sheep ..ski" s) 7,336,000 New Zealand (including skins) 2,348,000 South Africa 190,000 Falkland Islands 21,000 Total 9,895,000 The value amounted to about £240,000,----000. Sales were effected at controlled prices until early in 1919, after which the prewar custom of public auction sales was reinstated. On Ist January, 1921, the Government stock of wool and sheep skins, then amounting to 2,663,723 bales, was handed over to the British Australian Wool Realisation Association, Ltd., for disposal on profit-sharing terms. The association has disposed of 2,326,----366 bales to 31st October, 1923, and, apart from repayments to the Australian wool-growers, paid to the Disposal and Liquidation Commission £24.500,000 as the British Government's share of the net proceeds to date.

It is anticipated that by May this year the whole of the stock will have been sold.

The whole scheme from its inception, both in the Dominions and in England, has been conspicuous, it is stated, for the minimum amount of friction in its working and for its financial success. When it is finally completed, it is estimated that the net profits made, after repaying capital borrowed from the Treasury, rebates, the cost of services performed by Government departments, and ah other overhead charges, will have amounted approximately to £64,000 000 Of this snm £33,000,000 will have gone under profit-sharing arrangements to the Dominions, and the balance of about £31,000,000 accrues to the British Exchequer and for the greater part has been paid over during the last three years.