AUSTRALIAN TWEED PROFITS.

Colonist, Volume LXII, Issue 15347, 10 April 1920, Page 3

AUSTRALIAN TWEED PROFITS.

Sitting at Melbourne, the Fair Prices Commission commented caustically. upon the profits made by a firm in reselling Marrickville tweed to retailers. "llind," said the chairman, "that you are buying Marrickviile tweed at *6s 6d a yard, and that you are selling it at 13s 6d. That "is more than 100 per cent. As these prices are unreasoni able, we propose to consider what action will be taken. You have put up your prices 100 per cent., and meantime we suggest that you mark your goods down. Ifc is not on one complaint, but it is on several, that your principals will be brought before the Commission. Under the Act wo,have power to order a certain percentage of profits, or we may recommend that police proceedings be taken. You buy Marrickviile tweed at 6s 6d ti yard, and by the time it gpts to the consumer it costs him 25s 6d a j-ard. That sort of thing 'cannot be permitted. You will be good enough to let this Commission know what.your firm intend to do in regard to the advice we have given you about marking down prices." One of the principals of the firm made a statement, in the course of which he urged the risks run on imported tweeds, and the . ne'eessitv of a set-off. If, he said, they had the monopoly of selling Australian tweeds the- would willingly 'work on als per cent basis. He averred also that the Defence Department, sold at 17s a yard the bulk of many thousands of yards of Australian tweed that cost it 6s a yard. He concluded, after an analysis of the position, the people here do not know how well off they are." The Chairman: Well, they will know it after this morning's proceedings.