SURPLUS WOOL PROFITS.

Poverty Bay Herald, Volume XLVII, Issue 15319, 15 September 1920, Page 3

SURPLUS WOOL PROFITS.

By advertisement m last night's issue Messrs Dalgety and Co.'s local branch announced that cheques for the payment of proportions of surplus wool profits to tbe firm's farmer clients were now available. These cheques, '-it was ascertained, are all made out on the imprest account of the Department of Imperial Supplies, and are .exempt from exchange and - also from inclusion m the income tax returns of the recipients, as all charges of administration and' also the income tax payable on the surplus receipts have already been deducted. Tlie total amount of .the rebate works out at about 3 3-5 per cent, on the total value of the wool purchased by the Imperial Government' under the commandeer for tlie three years prior to October 31, 1919, and it is understood, is m tbe natdr^ of a progress payment,' a further payment being 'probable later as a result of the sale of tho balance of wool supplies purchased for the Imperial Government. The • full amount of the , present payment through Messrs Dalgety . and Co. runs to* many thousands of [ pounds, and includes some very large ! amounts, but it is considered probable that the prices realised for the balance \ ot Imperial stocks wijl not encourage an 1 expectation of a similarly high rate of 1 rebate, owing to the possibility of realised ! prices being more - approximately the appraised value of tho wool. The present L payments, as foreshadowed by tho Prime Minister, 'run m tbe vicinity of £1 per bale of wool shipped, but of course the 1 figure varies m accordance with the • quality of wool. The cheques are to be i presented for payment within one month 1 of date, and as most of those issued i through the firm are dated about 'Se'p- ; tember 8, delay m claiming and pre- , senting would be inadvisable. . Tbe names of all those woolgrowers who signified their willingness to devote ' their surplus profits tb the British Seamen's Fund, m recognition and appreciation of the services of the merchant • marine, have been deleted from the' list of payments, and no cheques have been . issued for the amounts accruing through the sale of their wool. It is inter- ' esting to learn that the full amount} ■ allocated to the fund by Dalgety and ' Co.'b local clients approximates £900, 1 which sum includes four of over £150 - 1 each. As there are six other licensed 1 firms acting as woolbrokers m the town, i the total sura allocated by Poverty Bay • farmers, if m the same proportion, will • run into some thousands, a handsome , and fitting, recognition of the worthy object. . ■■,