HUGE PROFITS.

Taranaki Daily News, 9 February 1920, Page 5

HUGE PROFITS.

BRITISH WOOL RETURNS.

THREE THOUSAND PER CENT. EXCESS. By Telegraph.—Press Assn.—Copyright. Received Feb. 8, 5.5 p.m. London, Feb. 7. The report of the Profiteering Act Committee on,the wool spinners' profits, issued by the Board of Trade, shows enormous profits made by spinners. The highest instance of an excess in the percentage of profits officially allowed works out at 3000, and in no case is the excess profit over that allowed by the War Office schedule of fair prices less than 250 per cent. The committee say that at least half of the forty types of yarn investigated showed a profit of not less than twentyfive pence per pound, the excess percentage accruing to spinners being one penny per pound. Spinners objected to the figures on which these calculations were based as misleading, and supplied their own figures, which showed profits ranging from 240 to 250 per cent.

The committee finds no facts disclosed to support the view that spinners were inadequately remunerated by the War Office during the war, and that the Profiteering Act had no apparent effect on the prices of worsted yarns or the profits arising from them.—Aus.-N.Z. Cable Assn.