FINANCIAL OPERATIONS.

Manawatu Standard, Volume LIX, Issue 21, 23 December 1938, Page 9

FINANCIAL OPERATIONS.

MINISTER’S STATEMENT. ACCOUNTS EXAMINED. Per Press Association. WELLINGTON, Dec. 22. Simultaneously with the issue of the annual report and accounts of the Primary Products Marketing Department a statement was made by the Minister of Marketing. “In the terms of the Primary Products Marketing Act the report and accounts are to be laid before Parliament within 14 days after they have been received by the Minister if Parliament is then sitting,” said Mr Nash. “The Parliafnentary session ended on September 16, 1938, before the report and accounts could be completed. I am now issuing these statements and they will bo laid before Parliament when it next meets.

“The report of the Dairy Produce Export Division reviews the completed financial operations for the year ended July 31, 1937. The deficit for the 193637 season is shown to be £272,482. In the terms of the undertaking given to the dairy' industry, this deficit is the responsibility of the Government. “The report reviews the operations for the 1937-38 season and discloses the estimated surplus as £555,185. This estimate was based on the valuations of unsold butter at 110 s a cwt. and unsold cheese at 70s a cwt. Sales made to date support the estimated surplus which has been quoted. “Full details are given of the marketing operations of the department and references are made to improvements in the distribution of butter and cheese and in the price returns which have resulted from the new marketing procedure. “Advertising and publicity activities in the United Kingdom are fully reviewed and details are given of the extensions in the programme which have been made possible by increased financial allocation for this purpose. There is a complete range of all statistical data relating to the grading of butter and cheese shipments and deliveries to London and other ports in tlio United Kingdom. INTERNAL MARKETING. “The report and accounts of the Internal Marketing Division cover a period of 14 months. Tlie activities of this division are reviewed, and in particular much infroniation is giv.en regarding the local marketing of butter, eggs, honey and fruit. Particulars are given of assistance rendered in the constitution in terms of the regulations of bobby-calf pools for the collection, handling and disposal of bobby-calves. Tlie accounts show that the trading operations of the Internal Marketing Division have resulted in a net profit of £6804. “The accounts for 1936-37 show that in the case of creamery butter and cheese the actual realisations for produce which was unsold at the balance date exceeded the estimates. In the case of whey butter the actual realisations were less than the estimates. “The net result is that at the date of closing the accounts. June 21, 1938, tlio actual deficit for 1936-37 season was £272,109. In the accounts published with last year’s report the deficit for the season was estimated at £548,750. Interest at li per cent, is allowed on the deficit of £272,109- from June 21, 1938, to the end of July, bringing the deficit for the 1936-37 season at July 31, 1938, to £272,482.