AUSTRALIAN PACT WITH JAPAN

Press, Volume XCVI, Issue 28354, 13 August 1957, Page 17

AUSTRALIAN PACT WITH JAPAN

Patons And Baldwins \ Chairman Critical The Australian-Japanese trade • agreement was a grave potential threat to all Australian industries j with which Japanese manufactured products would compete, the chairman of Patons and Baldwins (Aust.), Ltd., Mr John R. Burt, said at the annual meeting in Melbourne last week. This was particularly so in regard to wool textiles,; he said! There was every reason to believe that adherence by the Australian Government to the relevant provisions of the agreement i might result in serious damage i being inflicted on Australian in- ; dustries. ’ j This could happen, especially in i the worsted and woollen yarn 1 spinning industry, before the Australian Government became ; legally entitled to suspend its i obligations under the agreement. “Strong Representations'* ’ Directors were making strong representations to the Australian authorities on the subject. { Mr Burt said the company’s , trading conditions in the year to ( April 27 continued to be buoyant, ( and there was a further substan- ( tial rise in turnover. The. company’s share of the ( overall increased demand in its . class of goods had increased. How- < ever, raw material purchases at j high rates, increased productive J wage levels and general overhead , costs forced the first general in- , crease in selling prices for hand , knitted wools since 1954. Although present orders were . satisfactory, it would be over- J optimistic to forecast results for , the current year as good as those . of last year, Mr Burt stated. The company’s present scheme ] of modernisation and additions < would cost about £1.200.000. ( r-; ( Australian Copper iPffce.—The Aus- 1 tralian price aS copepr remains at ( £336 a ton, ex Port Kembla, for the week beginning August 13, the Aw ' tralian Copper Producers announce. <