WHEAT POOL.

Auckland Star, Volume LXII, Issue 87, 14 April 1931, Page 4

WHEAT POOL.

INITIAL PAYMENTS. DISPOSAL OF SURPLUS EXPECTED. Initial payments totalling approximately £160,000 have been made by the Wheat Pool for the new season's crop. The basis upon which payment has been made is:—4/ a bushel for f.a.q., milling wheat, 3/9 for No. 2 milling quality. 3/6 for good whole fowl wheat, and down to 3/ for under grade. Daring the last two seasons the normal carry-over of about 500,000 bushels was well exceeded, but the surplus thus bnilt up is being disposed of, and it is expected that before the new season's crop is marketed, all surplus wheat will be sold, The carry-over from 1929 to 1930 was 1,750,000 bushels, and from 1930 to 1931, about 700,000 to 750,000. The following figures set. out .-this season's calculations:— Bushels. Carry over 700,000 Imports (approximately) 750,000 Yield from 243,000 acres at 30 bushels per acre 7,290,000 Total , 8,740,000 The pool works on the basis that' 9,000,000 bushels is the normal quantity required, and the Government Statistician's estimate, working on a five-year average, is 8,556,000 bushels. With regard to imported wheat, for which 750,000 bushels is allowed, it is now considered that that figure will not be reached as prices at present in the Dominion are so low. Further, the average yield for Canterbury was estimated by the Government Statistician at a little over 30 bushels per acre, but when all the returns 'ire- available, it is expected that the figure will be nearer 29 bushels per acre.'