THE WOOL GIFT

Dominion, Volume 13, Issue 279, 19 August 1920, Page 6

THE WOOL GIFT

SURPLUS PROFITS FOR SEAMEN

, £250,000 IN THE FUND

A CONFERENCE OF WOOLGROWERS

Representatives of the woolgrowers interested in tho New Zealand Shipowners' Acknowledgment of Debt to British Seamen Fund met in the Parliamentary Buildings yesterday afternoon, to receive a report from the trustees. This fund was inaugurated by Mr. E. Newman, M.P., who suggestod in 1918 that tho woolgrowers should agree to hand over tho money that they might receive when surplus profits mado by the British Government on the sale of wool in Britain were distributed. Many farmers agreed to the proposal that this money should be used for the benefit of the dependants of British sailors who died or suffered disablement in the war.

Mr. Newman was in the chair, and about forty Bheepownors wero present. The Ministers of Lands (Hon. D. H. Guthrie) attended. Sir Walter Buchanan, M.L.C., Sir James Wilson, and Mr. J. C. N. Grigg, members of the Board of Trustees, were also present.

Mr. Newman reminded the meeting; of the circumstances in which tho scheme had been started. Tho British Government had agreed to pay to tho New Zealand growers half of any profit that might bo made by the sale of requisitioned wool, in Britain for civilian pur. poses. There had been unexpected and regrettable delay in tho distribution of these profits, but it had been announced recontly that the Imperial Government; had paid over to the New Zealand Government a sum of some £1,600,000 for distribution to the growers. _ About onequarter of the sheepowners in New Zealand had agreed to hand their share of the surplus profits to tho seamen's fund, and the trustees estimated that these shares would amount to a sum of about j£250.000. The exact sum could not yet be ascertained. Mr. Newman expressed his regret that tho number of farmers who had agreed to hand over their shares was not larger. Ho believed that mors farmers would have signed the agreement had not' storms in tnc South Island and fires in tho North Island caused many men to suffer loss in 1918. He did not think that any New Zealand farmer had yet forgotten tho debt that the Dominion owed to tho Empire's seamen. The efforts and tho sacrifices of theso seamen alone had made it possible for New Zealand to ship meat and wool during the war, and tho transfer of surplus profits to tho fund was a simple recognition of tho debt of gratitude that was owing. Tho farmers -who had supported, tho fund intended to show, their gratitude in a practical way. The trustees, added Mr. Newman, had made very satisfactory arrangements with the Public Trustee for 'the investment of the fund. Tho Public, Trtistee would receive the money, and pay the current rate of interest upon it. It was proposed that a permanent board should be appointed in New Zealand to control tho fund. This board would appoint a London committee, consisting probably cf the High Commissioner; a representative oKtns Admiralty, a representative of tho mer-. cantilo marine, and one or two prominent. New Zealand sheepfarmors now resident in London. The London committee would consider how tho money should, be 6pent, and would moko its recommendations to ' tho permanent board, which would havo full control of expenditure. It was proposed that the payments from the sum of JiI.GOO.OOO now in the hnnds of tho Government should bo tho final payments to tho fund. The signatories would not bo required to hand over any money received in a later distribution of surplus profits. Mr. Newman acknowledged tho excellent work of Mr. T. R. Lees and a band of Upper Hutt ladies in connection with the fund. He mentioned that income tax in respect of money handed over to tho fund would jbe paid direct from the fund. Legislation would be required to make this possible, but there would bo no difficulty about getting tho required clause placed in a Government Bill durine the session. About forty-four men 'had expressed a wish to withdraw from tho tund. Mr. Newman Tead a list of tho sheepowners who had changed their minds about handing over the surplus wool profits, and stated that the trustees, on legal advice, recommended that these men should be allowed to withdraw. No other withdrawals would bo permitted. The conference proceeded to adopt the following resolutions':—(l) That tho following gentlemen'be Tcqucsted to act ns permanent trustees of the New Zenalnd Sheepowners' Acknowledgement of Debt to British Seamen Fund:—Sir Walter Buchanan (Mnst'erton), Hon. W. D. S. Mac Donald (Wellington), Messrs. R. Beothan (Wellington), H. M. Campbell, M.P. (Hastings), J. C. N. Grigg (Longbeach), iT. K. Lees (Wellingtpn), A. Boyle (Christohurch), G. L. Marshall (Marion), J. Murray (Ifaka Point), E. Newman, M.P. (Marion), A. E. Pearce (Wellington), W. A. Scaife (Wnimate), W. D. Hunt (Wellington). M. Bothcll (North Canter-' bury). That Mr. T. R. Lees bo osked also, to act as honorary treasurer. (2) That tho interim dividend from surplus wool profits now in process of distribution, covering profits made by tho Imperial Government on wool sold up to (March 31, 1919, shall'be the final dividend as far as authorities to pay to the seamen's fund are concerned.

(3) That the trustees be authorised to pay the whole or any part of the moneys belonging to' the fund to the Public Trustee, to be invested by him as agent for tho fund, and to hold such moneys and all interest thereon in manner from, time to time directed by tho trustees. (i) That the trustees bo authorised to pay out of'monoys received incomo tax assessed toy tho Commissioner of Taxes, and gift duty if payable, on tho individual amounts contributed, the intention being that it shall be unnecessary for contributors to show amounts subscribed to this fund in their separate ircomo tax returns.

Mr. A. Fisher (Culverden) thought it unfair that any man should be allowed to withdraw from thb fund. It appeared that many of tho big farmers had not agreed to hand over their surplus profits. The big farmers in his own districts had not signed. Apparently some men had discovered that the profits were larger than they expected, and so they repented of their generosity to the sailors. He thought that all signatories should bo held to their promises.

Mr. Nowman 6aid there was no doubt that some'men had been carried away by enthusiasm, and now wished to retract their promises. But thero were casra where withdrawal from the fund seemed to bo justified by circumstances. He had received letters from men who had lost sons at tho war, and now found themselves financially'unable to make the gift that they had promised to make. Certain names had been struck off tho list on the advice of the trustees' solicitor. No more names could bo struck off after the passing of tho resolutions. Mr. Fisher suggested that tho names of tho subscribers And the amounts they had subscribed should be published in order that tho people might see who had been generous and who had not.. Tho Minister of Lands thought that the publication of a list of tho subscribers could be arranged. He believed that the preparation of such a list would be fair to everybody.

A sheepfarnier said that he believed many people had signed urider a misapprohonsion. He was a small farmer with a big mortgage and a young family. Ho had signed because lie believed that overybody was signing, but he found now that tho big men in his district, had not signed, and tliat ho was making a sacrifice that tho big men wore not making. One of his neighbours had signed under the belief that he was irequired to do so. Ho felt now that he could not afford to make the gift. Mr. Newman said the trustees were advised that no more names could be withdrawn. Mr. Grigg agreed that some of the big men had not signed. That was the position in Canterbury. He. suggested that a further effort should be made to enlarge the number of subscribers. He moved that the permanent trustees should bo instructed to make an effort in that direction. Peopb who would not hand over all' their profits might bo asked what proportion of their profits the*, would give.