1958-59 DAIRY SEASON

Press, Volume XCIX, Issue 29146, 5 March 1960, Page 11

1958-59 DAIRY SEASON

Surplus Of £9m

New Zealand’s trading in butter, cheese and other dairy products resulted in a record net surplus of £B.9m in the year ended July 31, 1959. This compares with a deficit of £21.6m in 1957-58.

The biggest net surplus recorded in previous years was £5.7m, in 1947-48. The 1957-58 deficit of £21.6m was the biggest recorded, and resulted in a debit balance of £7.3m in the reservesThe figures are contained in the annual report and accounts of the Dairy Products Marketing Commission. The report says that total f.o.b. receipts for the season’s export operations were £79.9m (£54.8m in 1957-58). Receipts included stocks at the end of the season of £22.8m (£20.7m). The gross surplus was»£lo.om, made up of £2.6m (compared with a deficit of £19.3m) on* butter, £7.3m (deficit £3om) on cheese, and commissions of £48,000 (£50,000) on other products. Realisation of stocks carried forward resulted in a surplus of £l.6m. Administration expenses were £l.lm. Net surplus for the year was £10.5m, which was carried to the dairy account. The surplus of £l.6m on the realisation of stocks was set against the debit balance of the dairy produce account, reducing it from £9.om to £7.3m. This amount was transferred to the

1957-58 deficit account and represented the final net loss to the end of the 1957-58 season. The dairy produce account then showed a credit balance of £B.9m.