IMPERIAL WOOL PROFITS.

Hokitika Guardian, 8 July 1920, Page 1

IMPERIAL WOOL PROFITS.

AUSTRALIAN & N.Z. CARL'S ASSOCIATION j LONDON, July 0. Lord Inverforth’s report on his world wide dealings in raw materals on behalf of the Government has been issued. It shows that there was an expenditure to the 31st Margli, 1919, totalling 277 millions sterling. The, total sales were 225 millions sterling making a turnover of 502 mil ions. The cost of administration amounted to ,£739,000, while the nett profits accruing to the Imperial Government wore .£21, 314,715, and the total profits £29,641,815. Nearly twenty millions were paid out in rebates. The profits on the Home and Colonial wool expenditure for the year end ed March 31st last exceeded one hnndred millions.

Tlic cash' receipts were over 179 millions, bringing the totals to; Receipts, £339,425,14(1; expenditure,- £375,273,174.

The accounts show that all money advanced by the State for the purchase of raw materials has been refunded, with interest.

However, there are large stocks especaliv of Colonial wool still unsold. The table of principal raw materials purchased to 1919, is set out, and gives the figures for the Colonies and foreign wool and sheep skins at 2,244,320. 419 pounds weight. The equipment for the Army and Navy included 1180 million sand bags; also 104 million pairs of socks. Si r Arthur Goldfinch Director of Haw Materials, in an accompanying memorandum, states that a saving has been ell’oetcd on military equipment estimate variously at from fifty to two hundred millions sterling.