USE OF MEAT POOL ACCOUNT

Chronicle (Levin), 9 May 1946, Page 4

USE OF MEAT POOL ACCOUNT

—Press Association

REFLY TO FEDERATED FARMERS

By.. Telegrayh-

WELLINGTON,. May 9. "My attention has been drawn to a statement attributed to the ..Federated Farmers Provincial executive at Marton, that subsidies to the freezing industry have been drawn from the Meat Pooi Account, and that the way things were shapifig the time would come when the Meat Pool Account would be exhausted and the farmer would "get nothihg but of it," said Mi\ J, J. Evans, general manager of the New Zealand Meat Producers' Board, today. Most farniers who have studied the position relating to the meat bool and Meat Stabilising Accounts will realise that this statemefit is enfcirely contrary to-fact, and I am surprised at the lack of knowledge shown by the provincial executive in their own affairs." The facts of the position were as follows, Mr. Evans continued:— (1) All subsidies are debited to the Meat Stabilisation Account and not to the Meat Pool Account. (23 At July 31, f945, the credit baiance in the Stabilisation Account was £2', 913, 671. (3) It was estimated that, allowing for subsidies and increases in the sc\iedule prices since the date stabilisation, future accretions to this account would not be large. (4) At July 31, 1945, the credit baiance in the Meat Pool Account, which is additional to the baiance in the Meat Stabilisation Account. was £6,245,413. (5) There are no debits of any consequence made on this account at present, and no further debits can be made without the agreement of the New Zealand Meat Producers' Board. (6)* It was N estimated that the amount accruing to the Meat Pool Account would be approximately £2,000,000. (7) The balances remaining in each /account belonged to and were h&d for the benefit "of the industry. "A study.of these facts will reveal that, contrary to the statemefit expressed by the provincial executive, producers' funds are increasing and will continue to increase for some time to come. The operation of economic stabilisation prevents the use of the funds at the present time, and the money accumulated will be a great benefit to producers as a buffer against possible recessions in prices realised on the overseas market."