RUSSIA ACTIVE IN WOOL MARKET

Sun (Auckland), Volume I, Issue 230, 17 December 1927, Page 25 (Supplement)

RUSSIA ACTIVE IN WOOL MARKET

FIRM REGISTERED IN SYDNEY ; A firm that is apparently going to j wield a big influence in Australian • wool markets, with the posisbility of ; extensions to New Zealaiid. is the Textile Import Company, Limited, a Russian company with headquarters at Moscow. It was registered in Sydney on December 5, with a capital of 3,000,000 roubles (£316,000). Although only just registered in i Australia, the company has been carrying on business here for some months as wool buyers and exporters. It is intended to establish a branch of the company in Sydney, in order to operate freely on our wool markets. Already this season about 42,000 bales have been bought, representing approximately £1,260,000. Last year the company bought 17,000 bales through an agent, entailing an expenditure of £510,000. The company’s wool to supply its mills in Russia was previously purchased in England, but now it was being obtained more economically from a primary market. Moreover, about 4(> per cent, of the wool purchased is scoured in Australia, instead of in European countries, as formerly. Contracts for this work have been made with six Australian mills. A quantity of wool, however, is still purchased in England, chiefly tops, at the Bradford sales.

The Sydney branch of the company is controlled by two Russians.