POTATO BOARD’S RESERVES

Press, Volume C, Issue 29524, 27 May 1961, Page 14

POTATO BOARD’S RESERVES

£275,000 Likely This Year

The accumulated funds of the Potato Board increased from £106,360 to £193,146 in the financial year to November 30, according to the board’s tenth annual report. This is the highest level since the board began operations, and funds should increase this year to £275,000. "The contract area for 1961 has remained fairly static at 11,819 acres, compared with 11,405 acres this season. It appears that, unless there are exceptional yields in the season ahead, the funds of the board should be sufficient to cover compensation for any moderate surplus,” the report says. Though the reduction of the levy to 25s a ton is not as much as some growers would like, it is made to indicate that the board is prepared to adjust the rate to meet the circumstances. In the year ending November 30, 1959, the board paid in compensation under the guaranteed price scheme, but no payments were necessary in 1960. Administration costs of the board increased from £9813 in 1959 to £11,076, but the greater part of the increase was to meet the cost at obtaining more up-to-date and accurate information on crop prospects and supplies, the report says. This involved employing a part-time liaison officer and increasing the grant to the grower liaison committees. Gross levy receipts decreased from £95.408 to £92,230. but interest earnings increased from £4505 to £5215.