POTATO BOARD CLAIMS

Press, Volume C, Issue 29674, 18 November 1961, Page 17

POTATO BOARD CLAIMS

Claims for surplus potatoes under the Potato Board’s guaranteed price scheme are expected to total about 26.000 tons, according to several merchants, but because of the season quality was not as good as usual and probably no more than between two-thirds and threequarters will qualify as firstgrade potatoes for pay out. While 26.000 tons would probably involve about £360.000 in compensation, a reduction through assessment of quality will bring the figure to about 20.000 tons, which can be met in full by the board’s funds. These at present are about £288.900. Accumulated over the last few years from the levy growers pay on their sales, the funds in the scheme have proved a good insurance to the mainstay of the industry, the large commercial grower. In spite of record shipments to the North Island and overseas from Lyttelton, which totalled 431,498 sacks at the end of October, the bumper yields recorded in Canterbury were marketed at very low prices. Some sales were, in fact, made at a level which , was below the guaranteed price. The guaranteed price scheme can probably also be credited with the maintenance of stability in the industry, shown by the new season’s contracts. Before the scheme operated, the potato crop fluctuated violently, but the acreage has shown relatively little variation in recent years. The new season's contracts total 12315 acres, compared with 11.042 last year. Of these the North Island contracts have dropped to 2370 acres this year.

i compared with 2760 last year. ■ but the South Island figure is ■ well up to 9854 acres, compared . with 8282 last year. The increase in the South Is- ' land acreage under contract has been attributed to the closing date being made three weeks ’ later this year, and after certification applications closed. It is felt this gives a truer indication of the new season’s plantings. North Island growers in some areas have been plagued with wet. cold weather at planting time, followed by parching winds and heat, and this has caused the drop in contract acreage. In Hawke's Bay. where only 333 acres have been contracted. compared with 596 last year, there is severe drought. The new crop in Canterbury is still looking reasonably well in most areas, although needing rain. Some of the lighter land crops are showing effects of the dry conditions, but most other crops will continue to grow well, provided there is rain in December and January. Some of the well advanced crops in exposed areas, however. have been affected by the strong winds in the last week or two. Queensland Ins.—Queensland Insurance Company. Ltd., will pay a special bonus dividend of 5 per cent, tc mark the company’s seventyfifth anniversary. Together with the basic dividend of 12} per cent, which has been paid since 1949, total payment for the year is 17} per cent.