LUSTRE HOSIERY, LTD.

Evening Post, Volume CXIX, Issue 95, 23 April 1935, Page 12

LUSTRE HOSIERY, LTD.

NEW ZEALAND INTERESTS

Shareholders in Lustre Hosiery, Ltd., were informed by the acting chairman (Mr. J. M. Forsyth) at the annual meeting recently held in Sydney that it was the intention of the directors' to take steps to form a subsidiary company, to operate in New Zealand. It was necessary, he understood, that a certain proportion of shares in such a company registered in New Zealand should be held in the Dominion; but apart from that necessity, the whole of the shares in the new company, which was in -process oi formation, would be held by Lustre Hosiery Company, Ltd. Reviewing the activities of the company durinst the year, the acting chairmau stressed'the importance of adequate protection for the industry. The company employed 800 to 1000 people, and paid wages amounting to £ 140.000 a year, paying or providing, also,.for taxes ot £27,000 a year in addition to. which the employees paid, roughly, £3200 m rebel taxation. With the exception of a few experts, the' whole of the company s stall was Australian, and all of the raw materials used by the company were British, with the-exception, of silk, Inch was obtained from its "home" country, Japan.; The" policy of payment of interim d ydeiids which had been introduced, wou d be continued. - The boardV policy,would be still a conservative one, the desire being.' ''to remove the • shares in the , company from the atmosphere of speculation Kof a,' good, solid, sound, industrial investment." : f ,