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The accounts for the 1942-43 season (see pages 31 and 32) comprise :— (а) Purchase and Sale Account, 1942-43 season's killings sold up to 31st July, 1943. This account shows the transfer to the Meat Pool Account of £988,829, being the surplus on these transactions, after allowance to the Department for administration and general expenses of \ per cent, on sales. (б) Administration and General Expenses Account. (c) Meat Pool Account to 31st July, 1943 (see page 31 of this report). This account shows a surplus at 31st July, 1943, of £1,883,547. (d) Bobby Calf Pool Account to 31st July, 1943 (see page 32 of this report). This account shows a surplus at 31st July, 1943, of £91,782. (e) Meat Account, which shows a credit balance at 31st July, 1943, of £53,567. WOOL BULK PURCHASE OF WOOL BY THE UNITED KINGDOM GOVERNMENT The annual report of the Department for the 1939-40 season gives details of the bulk purchase arrangements between the United Kingdom and the New Zealand Governments for greasy and slipe wool, and of the agreements between the New Zealand Government and the woolbrokers, wool-buyers, and wool-scourers covering services to be performed by them respectively in the preparation of wool for appraisal, the appraisement of wool, and the scouring of wool selected for that purpose. The United Kingdom Government announced (May, 1942) an increase of 15 per cent, in the ex-store purchase-price of greasy wool and the f.o.b. purchase-price of slipe wool. This increase does not apply to storage and handling charges, which are also paid by the United Kingdom Government, and which remain unaltered. The result is that the purchase-prices which applied for the 1942-43 season were as follows, the previous prices being shown in parentheses : —■ Greasy Wool, per Pound. 1942-43. 1941-42. d. d. Ex-store overall average price (New Zealand currency) .. 14-0875 (12-25) Slipe Wool, per Pound. 1942-43. 1941-42. d. d. F.o.b. overall average price (New Zealand currency) .. 19-523 (16-9766) Note. —In addition to the prices quoted above, the United Kingdom Government pays on greasy wool 0-872 d. per pound, being brokers' charges 0-625 d., transport and other charges to f.o.b. 0-125 d., and Marketing Department costs, including appraisal, 0-122 d. On slipe wool the additional amount payable is 0-125 d. per pound, being Marketing Department costs, including appraisal. Method of Payment for Greasy and Slipe Wool sold to the United Kingdom Government Payment for greasy and slipe wool is made by the United Kingdom Government on the following basis:— (1) On appraisal, payment is made at appraisal prices plus the allowances for handling, &c:., referred to above —viz., greasy wool 0-872 d. per pound, and slipe wool 0-125 d. per pound. (2) At the end of the wool year, the Marketing Department ascertains— (а) The value of the total wool-clip (wool exported and used locally) at the purchase-prices quoted above ; (б) The difference between that value and the appraisal value; and (c) The percentage which that difference represents of the appraisal value. The United Kingdom Government then makes an additional payment of the sum which results from the application of the percentage figure referred to in (c) above to the appraisal value of the wool which it has purchased. PURCHASE OF 1942-43 SEASON'S GREASY AND SLIPE WOOL BY NEW ZEALAND GOVERNMENT The following decisions were announced covering purchase by the New Zealand Government from producers of the 1942-43 season's greasy and slipe wool: — (1) Local manufacturers of woollen goods to be supplied with their requirements of greasy and slipe wool at the 1941-42 season's level of prices. (2) Owners of greasy wool to receive 5 per cent, of the appraisal values of their wool in Government bonds or stock, and the balance of the proceeds of sale in cash. (3) Owners of slipe wool to receive payment on the basis of the 1941-42 season level of prices plus 10 per cent., the balance of the increase in price granted by the United Kingdom Government —viz., £134,591 —to be transferred to the Meat Industry Account to the credit of the Meat Pool Account (see page 16 of this report).

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