NEARLY £30 MILLIONS IN N.Z. MEAT AND DAIRY POOL ACCOUNTS

Grey River Argus, 4 September 1948, Page 5

NEARLY £30 MILLIONS IN N.Z. MEAT AND DAIRY POOL ACCOUNTS

WELLINGTON, Sept. 2. The estimated balances in the meat industry accounts at July 31, 1948, totalled £35,550,000 according to figures given in a return tabled by the Minister of Agriculture, Mr Cullen, in the House of Representativs to-day at the request of Mr E. B. Gordon (Opposition, Rangitikei). At that date the investments of these balances totalled £20,000.000, earning interest amounting to £500,000 annually. The return stated that it was not posssible to provide the actual balances of these accounts as at July 31, 1948, because the balances dates had been changed this year from July 31 to September 30. The actual figures as at September. 30 would probably not be available until December or January next, at the earliest. The estimated balances at July 31, this year, were made up as follows:— Meat pool account, £12,500,000; meat industry stabilisation accounts, £12,000 000; bobby calf pool account, £450,000: bobby calf stailisation account, £600,000. A tale showed that £3,500,000 was invested in treasury bills returning 1 per cent, and the balance of the £20,000.000 invested was invested in inscribed stock earning interest ranging from 2h per cent, to 3 per cent. The return stated that the dairy industry accounts were the responsibility of the New Zealand Dairy Products Marketing Commission which had furnished the following statement: — The balance at credit of dairy industry s stabilisation account as at July 31, 1947, was £8,907,459. This amount was represented by the following assets: —4,700,000 in New Zealand Government stock, expiring in 1949-50 and bearing interest at 2b per tent; £2,500,000 in Treasury bills bearing interest at 1 per cent.; £l,000,000 iri cash; £669,000 in stocks of butter; the balance in sundry items of furniture and equipment. The total net interest on the investments for the year ended July 31, 1937. was £122,537. With regard to the balance in the account at July 31, 1948, the accounts had not yet been finalised or audited. Mr W. Marshall, chairman of the Dairy Products Marketing Commission yesterday told the dairy conference that the dairy industry account at July 31. 1948. totalled £12,585,000.