THE FLAX INDUSTRY

New Zealand Herald, Volume LXIX, Issue 21360, 8 December 1932, Page 7

THE FLAX INDUSTRY

AIMS 0E NEW COMPANY In an address to shareholders of New Zealand Woolsack and 'textiles, Limited, in Wellington this week, Sir Alexander Roberts, who presided, said the commencement of the flax-weaving industry was the first really worth-while effort to alleviate unemployment. It was admittedly a new departure in secondary industries and had much to commend it. In the first place, it utilised large quantities of New Zealand flax, which would be converted into a sacking product vastly superior to jute for the local market. It would provide work for many, in the cultivation of the flax in the cutting fields, in the flax mills and then in the factory. Six Alexander said the directors had decided 011 Fox ton for the .site of the first factory. The directors had accepted tho valuable offer of a gift of six acres of land from Mr. Perreau, Mayor of Foxton. He considered that Foxton was admirably suited for the activities of the first factory. The raw material was there in abundance, and the company had an option for supplies over a period of years. As an economy measure, the capital of tho company to date has been subscribed in the Dominion. There are now 1176 shareholders. SOFT GOODS COMPANY CAP IT AI - RED UCTION MOOTED Addressing the annual meeting of Paterson, Laing and Bruce, Limited, in London recently, the chairman, Mr. John Lai rig, said tho balance-sheet showed a substantial improvement which could not be ascribed to any appreciable measure of trade revival, out was due almost entirely to drastic reduction of expenses. But a policy of retrenchment was only a palliative. They must look elsewhere for tho establishment, of trade on a sound and permanent foundation. Accordingly, as soon as it was considered that the company's earning capacity would bo a measurable quantity, it- was proposed to readjust the. capital with a vknv to eliminating the debit balance, and getting the company back to a dividend-earning basis as soon as possible. Paterson, Laing and Bruce, Limited, is a soft goods warehouse company of London and Australia. The firm has an authorised capital of £1.000,000, of which £850,000 is issued and paid up in 350,000 £1 6 per cent cumulative preference shares, 250,000 £l 6 per cent B cumulative preference shares, and 250.000 £1 ordinary shares. WHEAT IN AMERICA (Received December 7, 5.5 p.m.) CHICAGO, Dec. 6 Wheat.—-December, 433 cents a bushel; May, 47J; cents; duly, 472 cents. The New York quotation for cash is 54J cents. TIN IN NEW YORK (Received December 7, 5.5 p.m.) NEW YORK, Dee. 6 Tin (standard) is quoted at 21.75 cents a Hi., December delivery, compared with 21.50 cents yesterday..