1950-1960
In 1951 the Australian wool clip earned in excess of $15 billion in today’s figures and nearly nine times the wool revenue from the last year of World War II. This was the high tide mark for the Australian wool industry and the national clip has never returned to this level of demand or price. Elders launched a cautious expansion program at the end of the 1940s and despite the wool market profits being slashed in 1952, it sparked 30 years of company takeovers by all segments of agribusiness.
The arrival in Adelaide of Norman Giles from Elders WA was a seminal moment for the company, as he proved to be its next great leader and guide it to a position of national dominance. Elders had begun its move into Victoria with the acquisition of Commonwealth Wool and De Garis and Sons, lifting the network to 116 branches – 51 more than just before the war.
Two years after Giles’ arrival in Adelaide, he was managing director and already a self-made millionaire from share market speculation he began while still at school.
Read more about this topic: Elders Limited