BUTTER-PRICES EQUALIZATION FUND.

New Zealand Journal of Agriculture, Volume XVIII, Issue 4, 21 April 1919, Page 256

BUTTER-PRICES EQUALIZATION FUND.

The constitution of the Butter-prices Equalization Fund is set forth in the following clauses of the arrangement for the purchase by the Government of the exportable surplus of butter manufactured in New Zealand during the period ist ; August, 1918, to 31st July, 1920, as gazetted on 19th March : — 16. (a.) -For the purpose of equalizing the profits of those manufacturers who supply creamery butter to the Government under this scheme of purchase and export and the profits of those manufacturers who supply creamery butter for local consumption the Government will establish a fund to be called the Butterprices Equalization Fund.

. (&.) For the purpose of constituting such fund the Controller shall retain out of the purchase-money payable from time to time to each seller of creamery butter under this scheme a sum equal to the excess of that purchase-money over the sum of is. 6d. per pound of the quantity of creamery butter for which payment is so made, but for the purpose of this clause such purchase-money shall be computed without any deduction for short weight or for butter graded lower than first grade. *

(c.) The moneys so retained shall constitute the said Equalization Fund, and shall be held by the Government in trust for distribution in accordance with the following provisions.

(d.) The Equalization Fund shall from time to time be expended by the Controller on the following purposes : (i.) In the payment of all expenses incurred in the establishment or administration of the fund, (ii.) In the distribution among manufacturers of New Zealand creamery butter sold: by the manufacturers during the period mentioned in clause 1 hereof, whether before or after the date of these presents, for local consumption at prices fixed by the Order in Council of the 16th day of April, 1918, of such 'sum as may be deemed justly- payable in order to compensate those manufacturers for any loss incurred by them in so disposing of their butter, (iii.) In refunding to the sellers at whose expense the Equalization Fund has been established all sums not expended for the aforesaid purposes. (e.) The determination of the Controller as to the expenditure of the Equalization Fund, shall for all purposes be final and conclusive; but in the-exercise of his powers in this respect he will at all times consult the Dominion Butter Committee as now established, or such other committee or body as may for the time being be substituted therefor, as representing the manufacturers of New Zealand creamery butter.