WOOL DISPOSAL PROFITS

Ashburton Guardian, Volume 70, Issue 130, 17 March 1950, Page 3

WOOL DISPOSAL PROFITS

JOINT ORGANISATION ACCOUNTS (P.A.) WELLINGTON, March 16. “Accounts for the fourth year of operations of the Joint Wool Organisation disclose a further substantial reduction in stocks and a profit on the year’s operations of. £30,089,943,” said the Minister of Marketing (Mr K. J. Holyoake) to-day. '“With the profits of £55,334,258 earned by the organisation up to June 30, 1945, accumulated profits amount to £85,424,201, exclusive of the balances of war-time profits amounting to £27,747,076, which were transferred by the) United Kingdom Government to the Joint Organisation when it began operations on August 1, 1945. Stocks of wool on hand at June 30, 1949, have been reduced to 1,700,000 bales valued at cost at £22,704,566, which compares with the stocks of 10,407,000 bales costing £171,149,942 originally transferred to the organisation. Purchases by the organisation at its reserve prices in support of the market were negligible.” The statement said that profits were divisible between the four Governments cpncernefl as follows: Australia, £40,202,889; New Zealand, £9,097,675; South Africa, £7,284,065; United Kingdom, £56,585,638.