SHARP RISES IN SUGAR AND TEA PRICES ARE ANNOUNCED TODAY

Greymouth Evening Star, 25 September 1947, Page 6

SHARP RISES IN SUGAR AND TEA PRICES ARE ANNOUNCED TODAY

(P.A.) WELLINGTON, This Day. Following the lifting of tall the subsidy from sugar and half the current subsidy from tea as from next Monday, the Price Tribunal today issued price orders announcing that as from next Monday the retail price of sugar will be increased by 2gd per lb and the price of tea will increase by 1s Ijd per lb.

The price orders authorising these increases were gazetted today. The Minister of Industries and Commerce, Mr Nordmeyer, in a statement today said that traders will be required to take stock before commencing business on Monday morning and, according to the regulations gazetted, would refund the subsidy on their unsold stocks of sugar and tea held at midnight on September 28. The rationing controller, Mr A. J. Costelloe, announced today that a circular letter was being sent by him to retailers explaining the procedure required of them under the special regulations. Traders are to repay the subsidy on unsold stocks into the Public Account through the Reserve Bank or any branch of the Bank of New Zealand. On sugar the amounts to be repaid will be calculated at £22 8s Id per ton, 14s per bag and the remaining fractions at Is per 51b. On tea the amount to be repaid will be calculated at the flat rate of Is per lb. A bank receipt for the amount of the subsidy repaid should be attached to the returns to be made to the rationing officer for both tea and i sugar for the period ending Seotember 28.

Wholesale merchants and packers are also required to refund Is per lb oh tea stocks to the food controller by way of the Public Ascount. A bank receipt should be forwarded with their usual four-weekly returns.”