THE WOOL REQUISITION.

New Zealand Herald, Volume LVII, Issue 17556, 23 August 1920, Page 4

THE WOOL REQUISITION.

The transactions in relation to the •Imperial requisition of New Zealand wool, . up to March SI, 1919,- have been set out in considerable; detail in the reports and accounts of the Ministry of Munitions, presented to the Imperial Parliament a few weeks ago. During the first period ending March 31, 1918, deliveries, totalled 195,014,24ab, the value in New Zealand being Freights amounted to there was a charge against the account of £612,700 interest for the use of Government capital employed, and provision for war and marine risk at 2d per lb absorbed £1,653,566. Allowing for a "gain in weight" of 641,7711b, the cost to the Imperial Government, as shown by the trading account, was nearly 23d per lb. Up to March 31, 1918, the total sales for military purposes were 23,678,8921b, the bulk to the British war departments, and 1,947,8181b to France, and 324,7161b to Italy; while 1,211,3491b were sold for civil purposes, and 6,803,1641b disposed of by direct shipments. In addition 107,772,7241b were transferred at cost for top-making, blending and scouring and carbonising. There remained unsold stocks in England totalling 56,305,5191b. The actual profits due to New Zealand on the accounts for the first period, including those realised from tops distribution, etc., were £258,171, but this figure was increased to £627,425 by the distribution of the profits made on the insurance and underwriting accounts, the charges imposed having fortunately proved greatly in excess of actual losses. The trading account for the year ended March 31, 1919, shows further deliveries amounting to 99,702,0441b, in respect of which there was a "gain in weight" of 472,0341b. Freights and handling charges totalled £904,716, insurance £256,758 and interest on Government capital £703,400, the total cost being 28d per lb. The sales increased to 61,121,1221b while the quantity transferred for top-making and scouring was 71,780,2981b; in addition 31,6211b were sold by auction. This heft stocks totalling 23,546,5561b at the end of the year. The detailed accounts have not been published for the second period, but a statement by Mr. J. A. Cooper, the director of raw materials finance, shows that New Zealand's share of the accumulated profits for the whole period ending March 31, 1919, including the important rebates on underwriting, is £1,619,069. The other contracting parties in the Imperial wool requisitions receive the following amounts:—United Kingdom £9,702,325, Australia £6,486,991, South Africa £250,706. The actual quantity of New Zealand wool, as purchased from the grower, in respect of which these profits have been realised is apparently about 270,000,0001b. The average profit due to the growers is therefore barely l|d per lb.