DEFINING WOOL CONTROL

Press, Volume XC, Issue 27415, 30 July 1954, Page 17

DEFINING WOOL CONTROL

NEW LAW FOR AUSTRALIA

How much wool does a “woollen fabric contain? Under a new law to come Into force in Australia on August 1 it should be possible for the buying public to tell at a glance. The Textile Products Labelling Act, 1954, will apply in all States. Its main provisions are:— Textiles which contain 95 per cent, or more of wool must be labelled “pure wool.’’ Textiles containing between 5 per cent, and 95 per cent, of wool must specify the percentage of wool. Those containing less than 5 per cent., of wool must be labelled accordingly. A graziers’ spokesman has described the coming proclamation of the act as a satisfactory, if belated, culmination of many years of effort ty the Australian Woolgrowers’ council, says the Australian “Financial Review.” Woolgrowers, he said, sought no Government protection against the’ competition of syntphtic fibres. The legislation would do no more than ensure that wool’s reputation as a fibre did not suffer through failure by the public to recognise the composition of textiles they bought, and that consumers themselves were protected against the “passing- off of inferior materials.

COMPANY NEWS

ALUMINIUM COMPANY’S ACCOUNTS Net profit of the Aluminium Company of New Zealand, Ltd., increased by £421 to £2785 in the year to April 30. Both the latest profit and that of the previous year include a dividend of £lOOO from the subsidiary company, the Windsor Plate Company, Ltd. The latest result was struck after providing £1229 more for taxation at £1875 (including £2l underprovided in 1952-53) and £573 more for depreciation at £4164. Dividends are unchanged at 7 per cent, on both ordinary and preference capital, and require a total of £3259. This exceeds the net profit by £474, and the carry-forward is reduced from £2665 to £2191. Gross profit after manufacturing, selling and distributing expenses and depreciation increased by £2878 to £13,171. Income from rents, discounts, and other sources was £Bl higher at £4Bl. Expenses, apart from taxation, increased by £1309 to £9992. During the year the company sold a portion of its land at Mt. Roskill, and the ! resulting capital profit of £9352 was added to general reserve, increasing it to £13,352. The balance-sheet shows a reduction of £5942 to £38,306 in bank overdraft, and an increase of £10,784 to £20,521 in trade creditors. The value of stocks increased by £9925 to £56,256. Felt and Textiles (Aust.).—The directors have decided that the wholly-owned subsidiary companies will be amalgamated with the parent company. This is being t implemented progressively from July 1, 2 1954, and when completed will make a - significant contribution to the simplificai tion of the financial and administrative e structure of the company.—(P.A.) i Coles Final.—G. J. Coles and Company, v Ltd., Melbourne, is recommending a final dividend of 6d a 5s stock unit, bringing the total payment for the year to June 0 30 to 9d, or 15 per cent., unchanged. ° The final dividend is payable on Septemo ber 11, ex August 12. Shares of the new ° issue made last month do not participate ° in the final dividend.

COMPANIES REGISTERED Registration of the following companies is notified in the current issue of the “Mercantile Gazette":— McCallister and Smith, Ltd. Private co. July 2; 93C Riccarton road. Capital. £4Ol in £1 shares. Subscribers: Christchurch: N. G. M. Smith 200, C. R. McCallister 200, B. McClelland 1. Objects: Land and incidental. Stapel Groceries, Ltd. Private company, July 13; 147 Fitzgerald avenue. Capital, £lOOO in £1 shares. Subscribers: Christchurch—M. Camptens 83, C. Tabak 70, J. Van Dijk 62, C. A. de Vries 117, J. Tabak 130, F. Oorschot 96, J. Stapel 328; Lower Hutt—A. Tabak 105. Objects: acquire business of H. A. M. Naber, grocer, and incidental. Kotare Downs, Ltd. Private company, July 13; 177 Hereford street. Capital, £9OOO in £1 shares. Subscribers: Sheffield —E. J., M„ and A. R. Abell 3000 each. Objects: farmers and incidental. INCREASE OF CAPITAL Mace Engineering, Ltd. Capital increased from £22,500 to £30,000. Belcher (John L.) and Company, Ltd. Capital increased from £lOOO to £5OOO. Metropolitan Finance Corp., Ltd. Capital increased from £4OOO to £lO,OOO. Muirson (Reg.), Ltd. Capital Increased from £l5OO to £lO,OOO.

SHAREMARKET INDICES

OVERSEAS EXCHANGE TRANSACTIONS

SURPLUS OF £34,700,000 FOR TWELVE MONTHS (New Zealand Press Associdtton) WELLINGTON, July 26. During the year ended June 30, 1954, New Zealand had an over-all surplus of £25,200,000 in 'her overseas exchange transactions, compared with a surplus of £34,700,000 for the 12 months to June 30, 1953. The surplus for the month of June, 1954, was £900,000, compared with a deficit of £2.700,000 in June, 1953. These figures were announced today by the Reserve Bank of New Zealand. Total receipts for the year ended June 30 rose by £23,200,000. Increased export receipts from cheese, meat, and wool were offset to some extent by a decline in the proceeds from butter and “other exports.” The rise in “other receipts,” which amounted to £13,00,000, mainly reflects external Government borrowings. Total payments rose from £223,400,000 in the June year, 1953, to £256.100,000. Although there were small changes in other items, the most important factor contributing to this increase was the rise of private import payments by £32.400,000. A favourable balance of £30,600,000 with the non-sterling countries was obtained during the year. There was a deficit of £4,300,000 with the dollar area, a surplus of £23,800,000 with the European payments union countries, and a surplus of £11,000,000 with other countries. The small deficit with the dollar area, compared with a small surplus the previous year, was due mainly to a drop in United States purchases of wool. The main cause of the improvement in June this year was the large rise in export earnings, especially for meat and wool, though this increase was largely offset by the expansion of private import payments.

-- New York.—Dow Jones (1926 100) Ralls. Industry. equals Shares. Dec 31 94.03 280.90 2,490.006 Jan. 29 . 101.84 292.39 1,950.000 Feb. 26 102.20 295.54 1,910,000 March 31 . 101.42 303.51 1.690.000 April 30 104.31 319.33 2,450.000 May 29 110.60 327.49 1,940.000 June 30 112.70 333.53 1.950.000 July 20 . 116.05 337.62 2,580,000 July 21 . 116.88 339.98 2.510,000 July 23 . 117.95 343.48 2.520,000 July 26 . 118.04 343.38 2,110,000 London.—“Financial Times”: Indus, ord. 11936 equals 100):— 100); Govt, and gold (1926 Indust. ord. Govt. Gold. Dec. 31 . 130.7 100.21 89.39 Jan. 29 . 135.4 100.25 91.14 Feb. 26 . 136.3 100.51 01.10 March 31 . 138.9 101.41 94.12 April 30 May 31 . 145.2 102.33 87.10 . 151.3 102.50 87.56 June 30 . 155.7 103.06 87.78 July Iff . 159.9 105.32 86.00 July 20 . 157.8 105.20 85.53 July 21 . 158.2 105.25 85.83 July 22 . 158.5 105.25 86.34 July 23 . . 159.5 105.15 86.98