PROFITEERING IN WOOL

New Zealand Herald, Volume LVI, Issue 17329, 28 November 1919, Page 7

PROFITEERING IN WOOL

GOVERNMENT ACCUSED. . PROCEEDS OF THE SALES. BOARD OF TRADE INQUIRY. . By Telegraph— Press Association— Copyrisht. - (Received 6.30 p.m.) . A. and N.Z. LONDON, Nov. 26: The Manchester Guardian states that the Board of Trade is appointing a committee to investigate charges that the Government is profiteering in connection with the sale of wool and* surplus cloth. The Textile World points out that roughly £500,000 worth of wool has been sold at each sale, £125,000 representing the difference between the purchase price overseas and the ' \ selling price. It is understood that 1 | the Ministry refuses to disgorge its - profits to the Treasury until all ac- > counts are settled. During 10 months British wool imports totalled £91,000,000. The profits, therefore, must be enormous. WOOL TO BE RELEASED. SUPPLIES FOR THE ALLIES. - A. and N.Z. LONDON. Nov. 26. The Director of Raw Material an- ■ nounces that he is disposing of four x \ million bales of wool in the coming , '■. year, of which 840,000 will be sent t' to Belgium, France, the United ! ! States, Italy, and Japan. L . Shipments from Australia will consist of 240,000 bales a month, and from New Zealand 60,000 bales a month. BOOMING TEXTILE TRADE. FABULOUS PRICES FOR MILLS. United Service. LONDON. Nov. 26. The Daily Mail, explaining the ' bounding prosperity of the textile f ; counties of England, and the pur--3 ■ chase of mills at fabulous prices, 3 ; says that the world wants dressing a . ! again; even China is crying for Brit- : ish piece goods. In some cases t : shareholders were bought out at £18 ' i for £2 shares. " I Labour is uneasy about the aggrefc gation of mills into the hands of a 1 few London syndicates. - I i -