RETURNS ON WOOL

Wairarapa Times-Age, 26 June 1943, Page 3

RETURNS ON WOOL

STATEMENT BY MINISTER OF MARKETING 31 PER CENT. PAYMENT IN AUGUST. WAR LOAN STOCK IN PLACE OF BONDS. (Bv Telegraph—Press Association.) WELLINGTON, This Day. An announcement regarding the final payment to be made to wool growers was made last night by the Minister of Marketing and Agriculture (Mr. Barclay). “Growers are aware,” said the Minister, “that at the commencement of the present season, 10 per cent, of appraisal prices was held in reserve by the Marketing Department, and 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 in the final checkup to be above the purchase price possible under the agreement. On this occasion, for various reasons, the appraisal prices have been found to be approximately 31 per cent, below the purchase price, and therefore, the grower will receive not only the 5 per cent, which was held in reserve but also the additional 3| per cent. This will mean that when the Marketing Department makes its final adjustment payment in August, the grower will receive a final payment in cash of approximately 81 per cent. “Concerning the portion it was proposed to pay in the form of non-negoti-able wool deferred payment stock the Government has decided to encourage and facilitiate subscriptions to the Third Liberty Loan by giving woolgrowers the right to take up the amount due to them in any of the forms of negotiable -securities now on offer,” continued the Minister. He said that if any grower would prefer to have inscribed stock in terms of the prospectus he should write immediately to the secretary of the Treasury to advise him whether 2| per cent, stock or 3 per cent, stock ordinary or death duty was preferred. Full particulars of these securities could be obtained from any post office, bank or stock exchange broker.

In cases where no notification was received by the Treasury, five-year National Savings Bonds with interest compounded at approximately 3 per cent.' would be issued in time for inclusion of the figures in the Third Liberty Loan. Woolgrowers who so desired might also have the full amount of the final adjustment payment of approximately 8| per cent, issued to them in the form of war loan securities when settlement was made by the Marketing Department in August. Growers who wished to assist the war effort by adopting this course should advise the secretary of the Treasury accordingly. “A further matter perturbing woolgrowers,” said 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-negoti-able wool deferred payment stock.”