Extra Payment For N.Z. Woolgrowers

Northern Advocate, 28 June 1943, Page 5

Extra Payment For N.Z. Woolgrowers

(P.A.) WELLINGTON, Saturday. A summary of appraisal returns so far received show that values of wool clips as assessed by appraisers have been low in comparison with average sale prices to which growers are entitled under the present Government purchase agreement, said the Minister for Marketing (Mr. Barclay) last night. - "Growers are aware that at the commencement of the present season, 10 per cent, of appraisal prices was held in reserve by the Marketing Department,” he said. “Of this percentage half was to be paid in the form of non-transferable Government stock and the remaining half held to cover the possible contingency of appraisal prices proving, on the final check-up, to be above the purchase price possible under the agreement. “On this occasion, for various reasons, appraisal prices had been found to be approximately 3 ('2 per cent, below the purchase price, and therefore the grower will receive not only the five per cent, which was held in reserve, but also an additional 3 ('2 per cent. This will mean that when the Marketing Department makes its final adjustment payment in August the grower will receive final payment in cash of approximately 8V 2 per cent. Can Invest in War Loan “Concerning the portion which it was proposed to pay in non-negotiable wool deferred payment stock, the Government has decided to encourage and facilitate subscriptions to the Third Liberty Loan by giving woolgrowers the right to take up the amount due to them in any form of negotiable security now on offer. Any grower preferring to have inscribed stock in terms of the prospectus should write immediately to the Secretary for the Treasury detailing the kind of stock required. In cases where no notification is received by the Secretary for the Treasury five-year national savings bonds will be issued in time for inclusion of the figures in the Third Liberty Loan. Woolgrowers may also have the full amount of the final adjustment payment of 8(4 per cent, issued to them in the form of war loan securities. Growers desirous of assisting in the war effort in this manner should advise the Secretary for the Treasury accordingly. “A further matter perturbing woolgrowers,” concluded the Minister, “is uncertainty as to how the 15 per cent, additional receipts from wool is to be dealt with next season. I am able to say that such receipts will be dealt with in the same way as for this season, including part payment in war loan securities in place of non-negotiable wool deferred payment stock.”