WAR MATERIAL.

Taranaki Daily News, 8 July 1920, Page 5

WAR MATERIAL.

BRITAIN'S EXPENDITURE. HUGE AMOUNTS INVOLVED. B* *«l«rapn.—Press Assn.—Copyright. Received July 7, 8.5 p.m. London, July 0. The report on the world-wide dealings in raw materials on behalf of the Government made by Lord Inverforth (Minister of Munitions), fs issued. It shows the total expenditure to March 31, 1919, was £277,000,000, and the total sales £225,000,000, makino- a turnover of £502,000,000. The cost" of administration amounted to £739,000, while the net pronts accruing to the Imperial Government were £21,314,718, and the total profits were £39,641,815! Nearly £20,000,000 were paid out in rebates on profits on home and colonial wool. The expenditure for the year ended March 31st last exceeded £IOO,000,000, while the cash receipts were over £170,000,000, bringing the totnl receipts to £393,435.146, and the total expenditure to £375,273,174. The accounts show that all money advanced by the State for th 6 purchase of raw materials has been refunded with Interest, although large stocks, especially of colonial Wool, are still unsold. A table of the principal raw materials purchased to 1919 gives colonial and foreign wool and sheepskins 2,244,320,419 lbs. Equipment for the armv and the navy includes 1,180,000,000 sandbars and 104,000,000 pairs df socks. Sir Arthur Goldfinch, Director of Saw Materials, in an accompanying memorandum states the saving effected on military equipment is estimated variously at from £50,000,000 to £2OO- - Cable Assn.