PROFITS ON WOOL.

Otaki Mail, Volume XXVIII, 21 April 1920, Page 3

PROFITS ON WOOL.

OVER £OOO,OOO TOR DOMINION LAST YEAR. London, April 16. In the House of Commons. Mr J. F. Hope, Joint Financial Secretary to the Treasury, in introducing the Ministry of Munitions estimates, stated that, at the end of the financial year the Ministrv would have handed to the Exchequer fl'JO.ooO.oitO sterling for the relief of the taxpayer and the reduction of the debt. Forty millions sterling worth of stores in I ranee had been sold, while £2s.o!hi.<ii)o worth remained. In regard to the War Office’s contract with Australia, which extended to a year after the war. supplies were still coming in. There had been a profit of £150.000,060 upon all articles excepting wool under the contract. As regards wool for the year ended March, 1910. there was a profit of about £3,000,000 for Britain. £2.000.000 for Australia, over fOOO.ooij for New Zealand. and for the current year he hoped the figures would be- doubled. As regards the latter period the whole series of transactions would undoubtedly give a most substantia! profit, part of which would go to Australia and New Zealand under the terms of the. coni rat- t. The Ministry was nor being turned into a Ministrv of Supply, and would er.d by the statutory date. After strong criticism of alleged extravagance on the part of the Department, the vote ot ££..vdO/'OO tor the Ministry of Munitions was temporarily withdrawn. The Government hopes to submit revised estimates in June.