HUGE PROFITS.

Taranaki Daily News, 27 January 1920, Page 5

HUGE PROFITS.

DEALINGS IN WOOL COLONIAL GROWERS BENEFIT. By Telegraph—Pres3 Assn—Copyright. Received Jan. 26, 5.5 p.m. London, Jan. 25. The report of the Committee which investigated the profits on wool tops and yarns states that all Australian wool auctioned since wool was de-controlled in April belonged to the British Government, which obtained a considerable profit owing to the high prices at the auctions, especially for finer qualities. ft is impossible to ascertain definitely the Government's total profit, of which half was returned to the Australian Government for distribution among the wool growers. The Board of Trade rejected the Wool Council's standard clothing scheme for supplying clothing to the Britisli public at reasonable prices. The Board of Trade mistakenly believed the Profiteering Act would check high prices.—Aus.-N.Z. Cable Received Jan. 27, 12.55 a.m. . London, Jan 26. The report states that among the causes contributing to the present prices of raw material are the excess of demand over supply, transport delay, cessation of sales in Australia, and th<? concentration of buying in England. High prices in the subsequent stages are largely due to an impossibility to fulfil orders. Makers are able to ask almost any price, especially for the finest qaulities. The report does not attempt to estimate the profits ir. raw wool at auctions. It simply says they are colossal. The only estimate hitherto is Mr. Machinder's of £60,000,000, shared by the British Government and the Australian and New Zealand growers.

The subject attracts great attention in the newspapers. Later reports dealing with the makers' profits are, awaited with interest. There is a demand in some quarters for a Royal Commission pimilar to that of the coal mines, empowered to examine the books of manufacturers, spinners and others.—Aus.N.Z. Cable Assn.