FELT AND TEXTILES

Gisborne Herald, Volume LXVI, Issue 20102, 23 November 1939, Page 8

FELT AND TEXTILES

WOOL CLIP PURCHASE COMPANY NOT AFFECTED An assurance to shareholders that the acquisition of the Australian wool clip by the /British Government would not interfere with the operations of tiie company's wool subsidiaries was given by Sir Walter Massy Greene, chairman of Felt and Textiles, Limited, at the annual meeting in Sydney last Friday. He added that the company was now the largest consumer of wool in Australia.

“During the year developments took place in New Zealand as a result of which further opportunities arose for the expansion of our industries already established and also for the introduction of branches which previously have not been exploited in New Zealand,” added the chairman. “The board was satisfied that a unique opportunity presented itself for the establishment of factories in New Zealand to make all types of felt which the company had formerly sent to the Dominion, and to make plain and stippled body carpets. After satisfactory assurances that the new industries would be protected had been obtained from the Government, arrangements were made for tiie purchase (J the necessary plant and tiie erection of suitable factory buildings. It is expected to commence production early next year.” The chairman added that arrangements had been made to pay dividends in any capital city in Australia, free of exchange

Dealing with the immediate outlook, the chairman said that during the last war there had been a substantial development of industry in Australia, it the present war should be prolonged the country would be thrown more than ever on its own resources, and the probabilities were that history would repeat itself. The country could count itself fortunate on the sale of its principal primary products at the outset of the war, thus preventing the confusion of 1914.