P.P.C.S. has good surplus on beef

Press, 20 February 1979, Page 23

P.P.C.S. has good surplus on beef

Suppliers of the Primary Producers’ Co-operative Society’s July-to-December beef pool would share in a slurplus above full schedule of $185,205, said the chairman (Mr T. McCristell), according to a Press Association report. The society’s beef pool payout for July to December was $10.49 for 100 kilograms of manufacturing beef, and $8.74 for 100 kg of prime beef. Mr McCristall said the cash portion of the manufacturing payout would be $6.69 for 100 kg, and the prime beef cash payout would be $5.83 for 100 kg.

•> The retained portion would be credited to share capital, except where a supplier was fully paid up. In the case of fully paid-up suppliers, a 9

per cent interest-bearing convertible note would be issued. This would convert to fully paid-up shares on maturity.

The surplus will be distributed on March 9. Mr McCristall said beef returns had continued to be excellent in spite of the substantial schedule increases during the last six months of 1978. Beef was likely to remain scarce into the early 1980 s and the society would require substantial amounts to maintain its world markets. As well as the unsatisfied beef markets and the need for extra cattle, the society also required substantial support from suppliers of mutton to complete existing profitable contracts, he said. I