DAIRY ACCOUNT

New Zealand Herald, Volume LXXIV, Issue 22900, 1 December 1937, Page 12

DAIRY ACCOUNT

REVISED ESTIMATE DEFICIT UNDER £400,000 RESULT OF RISE IN PRICES FINAL FIGURES EXPECTED SOON [BY TELEGBATII —SPECIAL REPORTER] WELLINGTON, Tuesday The deficit in the Dairy Industry Account arising from the first year s operations of the Primary Products Marketing Department in the export of butter and cheese is expected to be less than £400,000. This revised estimate was given by the Minister of Marketing, the Hon. W. Nash, in an interview to-night. The Minister's first estimate of the deficit, published shortly after his return from England some months ago, was £650,000. However, there was a subsequent marked rise in prices lor butter and cheese on the London market, and in the annual report of the Marketing Department it was estimated that the deficit would-be duced to approximately £548,749. Stocks unsold at July 31 were valued on a very conservative basis in the accounts, which were published with the report. Recent sales returns which have been received by the department from I-on-don state definitely that the deficit will, be under £IOO,OOO. That figure, of course, includes an allocation of £174.266 covering administration expenses and an additional sum representing end of the season payments to be authorised by the Finance Bill, which was discussed in the House of Representatives last week. Ihese amounts include a payment of £165.000 in respect of the promised differential margin between butter and cheese and other incidental payments. "The actual deficit for the season is not yet known," said Mr. Nash tonight. "However, the final returns should be received by the' Marketing Department in the near future and I will then take an early opportunity to give the exact figures."