£548,750 DEFICIT

Hawke's Bay Herald-Tribune, Volume 81, Issue 48, 19 November 1937, Page 3

£548,750 DEFICIT

-Press Association.)

First Year's Operations of Dairy Account REPORT PRESENTED

(Bv TelegrapK-

"WELLINGTON, Last Night. An estimate defieit in the dairy industry account of £548,750 for the year ended July 31, 1937, is disclosed in tho, annual report of the Primary Products Marketing Department, which was tabled in the House of Representatives this afternoon by the Minister of* Marketing (Hon. W. Nash). The accounts, which cover all fexport butter and cheese .manufactured from! August 1, 1936, to J'uly 31, 1937, show that the estimated defieit on a total of 149,810 tons of creamery butter pur- • chased by the Government is £561,397; estimated surplus on 86,708 tons of cheese, £18,354; and the estimated defieit on 1446 tons of whey butter, £5707. ' ' The new marketing system has been favourably received by the trade as a whole, states the Minister. 4tBuyers, with the exception of those who were accustomed t8 operate from time to time on c.i.f. terms, appreciate the change, as the produce is offered to them freely through their usual channels of supply. All reports from our agents indicate their satisfaction, and confirm the opinion that the goodwill oi New Zealand stands very high in all overseaa distributive circles. ' ' In the section dealing with the internal marketing division, which was established in February this year, the report states that the purchase of Picot Brothers, Limited, was made on a valufi-\ tion basis and included the premises, plant, and stock-in-trade. The purchase price is not revealed. ]