Extra payment on beef by P.P.C.S.

Press, 26 February 1977, Page 17

Extra payment on beef by P.P.C.S.

I A payment in excess of full I schedule is to be made to (suppliers who put their cattle (through the July to December (pool last year, according to lan announcement by the (chairman of the Primary ! Producers’ Co-operative Society, Ltd (Mr T. McCristell). These suppliers received the 10 per cent balance of; schedule early this month, ( and Mr McCristell said thatj a surplus of $3.20 per 100 kg on prime beef and $3.05 per 100 kg on manufacturing beef above full schedule would be distributed early next month. Where a supplier’s shareholding was below the maximum allowable, the share capital allocation from these surpluses would be 48c per 100 kg for prime beef and 45c per 100 kg for manufacturing beef.

1 New Zealand's exportable ) beef stocks in September last : I year were much greater than r! normal and the forward sales > i situation then did not look : I very bright, said Mr McCris- • tell. However, since Septein:iber there had been substan- ■ I tiai increases in inquiries ’ from overseas for beef, parI ’ ticularly from Eastern Eurojpean countries. This had re- . Isuited in almost a total clear:jance of last season’s stocks at profitable levels. New Zea1 land’s devaluation would have had a bearing on this : profitable movement. “The outlook for the remainder of this season is described as generally buoyant ; and it is important that cattle coninue to come, forward re- , gularly so as to prevent con- ■ gestion of killing space later in the season,” he said.