PAYMENT FOR WOOL

Opotiki News, Volume II, Issue 272, 18 December 1939, Page 3

PAYMENT FOR WOOL

IUOTIONTION OF 5 pm C’BNT. J‘BG VISION" FOR ADJUSTMENTS (Published by Arrangement). In order to provide a contingency i'luni tor any •possible error in working out die average of 1.2.188 d per lb. for the Dominion, the Minister of Agriculture. the Hon. AVI Lee Martin, Ims. decided that 5 per cent, of the gross proceeds duo to growers and other sellers of wool is to be withhekli when payment is made. This 5 per cent will form, a suspense account and will later lie distributed by the New Zealand Wool broker s’ Association at the end of the season and when it is possible to ascertain tin- difference between the amoiint pU-iil out and the amount due on the fixed average price. v Tills is o process in some respects similar to that followed hy the dairy companies in former times. It is also " in accordance with the practice that lias keyn adopted! in Australia under tlio conditions. In the Commonwealth. however, the Central Wool Committee is withholding 10 per cent, of payments until after June 30 for the purpose ol any adjustments.