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PROFITEERING IN WOOL

COLOSSAL PROFITS MADE.

BRITISH GOVERNMENT IMPLICATED.

BREACH OF FABTH WITH AUSTRALASIA.

Preti AMoeiotion—By Telegraph—Copyright.

LONDON, January 17.

(Received Jan,

20, at 7.20 p.m.)

It was disclosed before tho Central Profiteering Committee that the profit made on West Riding wool above the fair market price fixed by the War Ollice varied from 400 to 3200 per cent. It is alleged that tho Government aJso is making colossal profits. A committeeman who participated in the wool investigation deplored the Board of Trade's failuro to publish sectional reports. Mr Sidney Webb said: "When the public learn tho facts there will bo a howl of execration. What is happening with worsted yarn is also happening with cotton and metals." Sub-oommittees reported that thero is no evidence that the trust is profiteering in fish and tobacco.—A. and N.Z. Cable. LONDON, January 19. (Received Jan. 20, at 8.25 g.m.) Tho question of wool profiteering continues to excite great interest. The Profiteering Committee on Trusts is considering the question of the publication ol' the reports thereon. Meanwhile the Director-general of Raw Materials officially admite.that tho Government is selling wool from Australia and New Zealand at profits running into many millions sterling. Xt is said that the Government is selling better qualities at prices very much higher than tho prices fixed in the dominions' contracts, but tho dominions understood this would bo done after the war, and that thoy would receive half the profits. He declares that in regard to the wool supply Australasia helped more than anv other country during the war, as they made practically no profits. lie emplia sised that farmers at present in Australia and New Zealand aro not doing as well as farmers in certain parts of South Africa and India, who are obtaining the top market price without sharing the profit with the British Government. Moreover, ho compared the situation with that of tho cotton market, pointing out that Egyptian cotton had risen 27d to 60d per pound, and the Egyptians were securing the whole profit. lie declared that the Government were committing a great breach of faith unless Australasia now *ot the benefit of the rise in prices.—A, and N.Z. Cable and Reuter. EXTRAORDINARY DISCLOSURES. UNPRECEDENTED PROFITS ON YARN. LONDON, January 16. (Received Jan. k.O, at 9.5 p.m.) The extraordinary disclosures in regard to wool profits startled the meeting of tho Central Profiteering Committee. Mr Max: Kinder, a Yorkshire warehouseman, reporting on the results of the official sub-committee's investigations into the cost of yarn, said that the profit now made ranged from 400 to 3000 per cent, beyond tho War Office's former allowance. The skinners' own figures were quoted in every instance. Mr Sydney Webb commented on the jnpublislied report of tho Worsted Committee. He said it was common talk that Yorkshire spinners were making thousands per cent, profit. When the public knew tho results of the aeoountants' investigation of the books of the spinners and other sections of the trade there would be a violent expression of indignation.—Times.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ODT19200121.2.38

Bibliographic details

Otago Daily Times, Issue 17838, 21 January 1920, Page 5

Word Count
501

PROFITEERING IN WOOL Otago Daily Times, Issue 17838, 21 January 1920, Page 5

PROFITEERING IN WOOL Otago Daily Times, Issue 17838, 21 January 1920, Page 5

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