HUGE TEXTILE COMBINE
LANCASHIRE CORPORATION SPINNERS’ HEAVY LOSSES (United P.A. — By Telegraph — Copyright) (Australian P.A.—United Service) LONDON, Wednesday. An agreement lias been made between firms owning 1,000,000 spindles and 5,000 looms, to join in a new huge combine, to be called the Lancashire Textile Corporation, with a view to controlling production and prices. The president of the Cotton Yarn Association, at a meeting, said he thought the new corporation was supported by all sections of the trade. It was Lancashire's only hope. The truth must be realised that every pound of yarn at present was being sold at a loss. The spinners were losing £l,lOO an hour on wages and running expenses, besides £1,400 an hour in depreciation. This was equivalent to £6,000,000 a year.
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Bibliographic details
Sun (Auckland), Volume II, Issue 380, 14 June 1928, Page 9
Word Count
125HUGE TEXTILE COMBINE Sun (Auckland), Volume II, Issue 380, 14 June 1928, Page 9
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