DAIRY INDUSTRY

Otago Daily Times, Issue 27275, 29 December 1949, Page 6

DAIRY INDUSTRY

FUND INCREASES BY £2,667,000 BOARD’S GRANTS DURING YEAR The dairy industry’s expectation that an additional £3,000,000 would be earned from the increased output of butter and cheese for export in the year ended July 31 was almost realised, according to the accounts of the New Zealand Dairy Board. The dairy industry stabilisation account was increased by £2,667,600 to £15,331,087, comparing with £12.663,487 last year and £8,907,459 in 1947. The levy on dairy produce of 0.06 d per lb on butter and 0.03 d per lb on cheese produced £118,195, against £106,136 the previous year. Grants totalling £70.282 were made to institutes and funds, including a contribution of £20.680 to the Veterinary Services’ Council, £20,000 to the herd improvement plan and £17,000 to the Dairy Research Institute. The returned servicemen’s discount on herd recording was £11,047. and the Mercantile Marine gift butter fund benefited by £1555. The excess of income over expenditure, amounting to £36,276, was transferred to the accumulated fund, which now stands at £129,643.

The report states that although a substantial surplus had been transferred to the accumulated funds as a result of the year’s operations, it was expected that expenditure for veterinary service, herd improvement and possibly research, would increase so that a much larger proportion of the levy would be absorbed.