WELLINGTON NEWS

Hokitika Guardian, 23 February 1926, Page 4

WELLINGTON NEWS

A CAPITAL QUESTION

(Special to “ Guardian.”)

WELLINGTON, February 10

Business people generally are somewhat amazed and very much amused at the attitude adopted hv the Government m respei t to British capital. It was reported the other day that tlio Henry .Tones Co-operative Ltd. an Australian concern had acquired the controlling interest in the Kirkpatrick jam and preserve industry. The Henry .Jones Co-operative is a holding company. Besides being deeply interested in Tasmania the company has holdings in other states of Australia, in South Africa, and in England, and now has extended its operations to New Zealand. In the fruit and jam trade Unconcern stands in the same position as Vestoys stand in the meat trade. No objection was raised to this monopolistic concern obtaining a tooting ill the Dominion and tile bruit Control Board has made no protest. Within the last day or two it has been reported from Auckland that German capitalists have acquired claims aL both cuds of the -Monowai mine— at W.aiomo. and between the Thomas and C'oromandal. These arc in the vicinity of Burn and Tajui. the districts where tlicv propose to creel concentration

works for the treatment of refractory ores. They are now making overtures for (lie purchase of the .Monowai Company's property with a view to consolidating their holdings. No protest of any kind from the Government or any control to this introduction into New Zealand ol German capital by German nationals. British capital has been served quite differently. Unrthwick and Sons who have been in the New Zealand frozen moat trade for a great many years have been barred from Investing a further C 200.00!) in the business bv purchasing the goodwill and assets of the Wellington Meat Export Company, because such acquisition would be agaisnt l lie public, interest, but bow tliis i- not explained. Thus we have the spectacle of Australian capital and German capital lining welcomed into the country, and British capital barred. The Australian capital is lo develop the jam industry, the Herman the mining industry, and tiie British capital to expand the meat industry. Apparently, in the eyes of the Government the pound sterling is not as useful to this country as the German mark, hut in that view they an not likely lo be supported by the people of New Zealand. A BTTEICT AI, WOOL. Apparently there is more in the range of artificial textiles than is generally known. When three or lour months ago it was announced that Italian chemists had produced a fibre to compete wit 1 1 wool, opinions varied as lo tlie utility til the new material, but " Snialil.’' as the new fibre is termed, has many sterling advantages to recommend is for general use. According to the claims of the manufacturers. ‘‘Snialil" i- mothproof. washable, shrink-proof, itch-proof, and practically grease-proof. It is sold in locks like wool. There is no need of scouring. The method of carding, combing and spinning is identical with Hmt of woo!. Iteh-prool underwear is one possibility of the libre in the knitting line, because the material does not irritate the skin. Another advantage with tremendous possibilities was the sale ol the libre in two inch lengths which call lie spun on the usual cotton machines. This would enable cotton spinners to enter the Held ol wool spinning. \\ Itile the new product has the same base as artificial silk, the lower ro-t is due to the fact that arlilicial silk must be put into skeins requiring much more labour. The field for ‘‘Snialil" is, of course, much larger than for artificial silk, but it has a competitor ill reworked wool. Now it is reported that a British firm, the Nuera Art Silk Company is making preparations lo produce a ton ol the blue daily. Bradford is apparently becoming interested, and reports from there indicate that the new libre will find considerable support. The efl'eet of the new libre which can be produced relatively cheaply i • '’>•<{ it will reduce the costs of certain (-lasses of clothing and material needed by the masses, but after all credit is given the new fibre, there is little likelihood of it displacing natural wool.