DEFICIT OF £338,750

Waikato Times, Volume 122, Issue 20425, 16 February 1938, Page 8

DEFICIT OF £338,750

DAIRY INDUSTRY ACCOUNT BRITISH MARKET LIMITED (By Telegraph.—Press Association) WELLINGTON, Wednesday. Announcing that the deficit in the Dairy Industry Account would be £338.750 as against the estimate of £548,000, tiie Hon. W. Nash, Minister of Marketing, at the opening of the Dairy Board's ward conference to-day gave an outline of the steps taken by the Government to give effect to the policy of the guaranteed price. He expressed the view that a subsidy on levy against New Zealand butter and cheese in the United Kingdom was not likely but he pointed out that an unlimited market was not possible under present conditions. It was therefore necessary to look for new markets. The Minister said he was satisfied that the system of single control, provided there was no attempt to obtain monopoly prices, had eliminated speculation to a degree nobody thought possible before. With regard to consumption in England, he sairl there were not enough butter and cheese, going in if the needs of the people were a measure but Hie amount the people got was determined hv what they could buy and New Zealand had no control o\e*r that, although it could help by buying British goods. He had made an arrangement with Germany to lake 500 tons or butter in December, Januarj and February. Germany had agreed to buy at the price ruling in London on the day of deliver**. He thought if one of the best