WOOL INDUSTRY

Dominion, Volume 34, Issue 198, 19 May 1941, Page 3

WOOL INDUSTRY

Reductions In United Kingdom

(By Telegraph. —Press Assn. —Copyright.) (Received May 18, 7.20 P.m.) LONDON, May 1 <-.

The United Kingdom woof industry is now subject to direct measures for the concentration and reduction of production despite the fact that the rationing of raw material supplies has been a severe implement of control since the outbreak ot war Numbers of factories are being closed under the “voluntary” plan. A levy will be imposed on the surviving factories to compensate the closed firms for liabilities which cannot be met from other sources. Sales to home industries are now limited to 30 per cent, of the pre-war figure. The rayon industry has also been subjected to restrictions.

Gold Mining Returns

Bia River Gold Mines, Ltd., give the following gold returns for March and April:—Battery department: 117 tons of ore crushed for 7Soz. sdwt. of melted -old. Cyanide department: 31oz. lidwt. of bullion recovered from 200 tons ot sands treated.- Estimated value of the above is £B4O. Concentrates: In addition 22cwt. of concentrates were saved, valued at £35. Note: In estimating the above values, gold has been taken at £8 per ounce.

(By Telegraph—Press Association.}

GREYMOUTH, May 17. Toe Snowv River dredge returned 4Sloz. for 128 hours from 27,000 yards The Argo return totalled 370 z. for 1-7 hours from 11,000 yards. The following gold returns are for th Bai-ryto h wn, 232 hours from 99 K^ie T H, ld 371oz. for 130 hours from 78,000 yards. . Arahura, 7440 z. for 2<o hours from 139,000 yards.

The Price Of Tin

(By Telegraph—Press Association.) LONDON, May 16. The price of tin is quoted as follows:— Spot, buyers £268/10/- a ton, sellers 15/-; forward, buyers £26i, sellers £26<

Fiji’s Gold Exports

Gold exported from Fiji in 1940 totalled 3 07 3320 z., against 108,1140 z. in 1939, and 17.1070 Z. in 1930, when production commenced. The value of last yeaj gold export was £1,024,923, or only £260,268 less than the value of the Colony s principal export commodity, sugar. Commenting upon the industry, in. the annual report of the Suva Chamber of Commerce, the president, Sir Maynard Hedstrom, said a large programme of development work bad been planned at the Vatukuola mines, but progress had been delayed owing to the difficulty of obtaining machinery and, in one case, a valuable shipment of machinery was lost through enemy action. The companies had also been faced with some difficulty in securing regular supplies of mining materials.

Mining interests were investigating an area known as "Wainiotu” in Natewa Bav, which might possibly justify develop; went. From the prospector’s point ot view it was interesting to find signs of gold on Vanua Levu many miles distant from the workings at Mount Kasi.

Donaghy’s Rope And Twine

A net profit of £10,541 was earned by Donaghy's Hope aud • Twine Company, Limited. Duuedin and Auckland, for the vear ended March 31. This compares with £10.128 a year ago, and £8655 jn 1939. The year’s dividend of 2/-. equal to 10 per cent., unchanged. requires £B6OO, leaving £7137 to be carried forward, against £8493 brought in. The report states that the company's re-organ-ization of the Dominion cordage trade is for the first time fully reflected in the year’s trading. Sales were a record, not altogether due to import control, but chiefly owing' to the company’s reorganization of the industry.

Fletcher Holdings, Ltd.

"I have every confidence in saying that in the coining year, at least, we can <leliuitely look forward to maintaining profits at a level up to the previous year, and in times like this few companies would make a similar forecast,” said Mr. James Fletcher, chairman of directors of Fletcher Holdings, Limited, at the first annual meeting last week.

Mr. Fletcher said that while the country must face a serious drop in building operations, due to lack of labour and shortage’ of materials, steps had been taken to ensure a continuance, and. in fact, an increase in the Government housing programme. This was possibly due lo the utilization of materials manufactured in New Zealand. The chairman added that the company had been fortunate in regard to larger contracts. Since the issue of the report acceptances had been received for over £200.000 of new contracts. It was now definite that the plant ami equipment of two new industrial plants, plywood and roofing materials, would be in production by about September. .Mr. Fletcher concluded will) a tribute to the factory managers, foremen and staff. The retiring directors. .Messrs. James Fletcher. W. .1. Fletcher, T. Martin, Andrew Fletcher, and 11. 11. l.’liodes. were re-elected.

Raw Materials

(By Telegraph.— Press Assn.—Copy right.) (Received May IS. 6.30 p.m.} LONDON. May 17. Friday‘s closing prices for the following commodities. with those for the previous wee- in parentheses, are as lollow: — Rubber: I’ara. JO.J<I. a lb. 1.-oiiT plantation smoked ribbed sheet, 11 l-Bd. a lb. (14id.). Turpentine: <>S/f> a cwt. (samel. Linseed oil: The price in still fixed at £4l/10/- a ton.