SURPLUS WOOL PROFITS

Nelson Evening Mail, Volume LIV, Issue LIV, 19 August 1920, Page 5

SURPLUS WOOL PROFITS

(United Association)

WELLINGTON, This Day

Representatives of wool-growers’in-terested in the New ■ Zealand sheepowners’ acknowledgment of debt to British seamen mot yesterday to receive a report from the trustees. Hie fund was inaugurated by Mr E. Newman, M.P., who suggested m 1919 that wool-growers should agree to hand over the money they might receive when the. surplus profits made by the British Government on the sale of wool in Britain were distributed. Many farmers agreed to tho proposal that the money should be used for the benefit. of dependents of British sailors who died or suffered ■disablement in the war. Mr Newman stated that the sum of £1,600,000 "was available for distribution to growers, and about oue-quni-ter, of the sheep-owners in New Zealand had agi'eed to hand their share of the surplus-profits to the seamen’s fund, and the trustees estimated those shares amount to a sum of about £250,000. He expressed regret that the number of farmers who agreed to hand over their shares was not large. 'The trustees had made very satisfactory arrangements witih the Public Trustee for tho investment of the fund. It was proposed that a permanent board bo appointed in New Zealand to control the fund, and t|ie hoard would appoint a London Committee to consider how the money would be spent and make recommendations to the permanent hoard, which would have’full Control- of expenditure.

Mr Grigg (Long Beach) moved that the permanen trustees be instructed to make an effort in the direction of enlarging the number oF subscribers, and this motion was carried.