£10,000,000 RAYON FACTORIES’ PROJECT IN AUSTRALIA

Gisborne Herald, Volume LXXVI, Issue 23092, 3 November 1949, Page 5

£10,000,000 RAYON FACTORIES’ PROJECT IN AUSTRALIA

SYDNEY, Nov. 2. Courtaulds Limited, of England, has announced that it intends to form a company with a nominal capital of £10,000,000 to build two rayon factories in Australia.

One factory will be at Tomag'o, near Newcastle, and the site of the other is vet to be announced, A strong possibility is that it will be nearby.

yarn as a high priority industry for strategic reasons and as a means of saving dollars. The project was sponsored by Courtaulds and leading Australian financial and industrial interests including the Austialian Mutual Provident Society and Colonial Sugar Refining Company Limited. The New South Wales Primer, Mr. J. McGirr. said that the Government would build a railway bridge over the Hunter River near Hexham and that a road bridge was in the course of erection. The State Minister of Housing, Mr. C Evatt. would make a survey of the housing needs of families attracted to the Newcastle district by the project.

Most of the new company’s share capital will be raised in Australia. The company will build factories for the production of both viscose rayon yarn for tvres and other industrial purposes and acetate rayon yarn for textiles.

The tyre yarn factory will be built at Tomago where prolonged negotiations concerning access and water rights have been concluded satisfactorily. The spokesman for the company said Ihe ■ Commonwealth Government regarded the production of rayon tyre