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THE COST OF CONTROL

Dairy Board Presents Annual Balance Sheet

The third annual report and statement of accp'unts at the New Zealand Dairy Produce Board has just come to hand. Apart from containing detailed information regarding London prices for butter and cheese from New Zealand and several other countries, the report also gives quantities of Imports and particulars of shipping with dates of departures and arrivals. The statement of accounts shows that for the year ended July 31 the board's- expenditure amounts to the large total of £74,183, the main items being:— Head office expenditure, £11,776; London office expenditure £33,962. This latter item includes £4OOO for auditing account sales; London office staff salaries, £5,8a7; Members London Agency salaries, £8,993; and income tax on London Members' salaries £1,344. Members honoraria and travelling expenses (in New Zealand) accounted for £4,407. Amount paid to Dairy Association for preparation of shipping documents etc, £7,300. Subsidy for the " Exporter,' £2706. Othe r items of interest in the report are as follows: Export levy yielded £59,960/1/2; Income, including £3023/8/6 interest on investments, £62,983,/9/8. Advertising expenditure, £19.067 3/ld.

Accumulated funds drawi upon, £11,199/18/-. Export value of butter and chese (Customs returns,.March 31); Butter, £9,033,381; ehce3e, f 577.4.113: total, £14,807,404. Export quantities under board's jurisdiction, 2,606,411 boxes of butter, 1,068,584 crates of cheese. Exports to Canada and United States (to July 31st) were 164,555 boxes butter and 256 crates cheese; to Australia, 157,0*84 boxes butter, 6985 crates cheese; other countries, 23,231 boxes butter, 162 crates cheese.

Proportion of quantities of butter graded were 76.09 per cent, "finest," 21,5 per cent, "first*" and 2.41 per

cent "second."

Net returns on butter averaged 140/- per cwt, or l/3d. per pound; on chees<\ 70/- or 7|d. per pound; on whey butter (about), l/2d. per pound. Board's Policy of Control.

The report states: " The board's policy of complete control became operative over all produce graded as from August Ist, 1926. On October 4th. November, the London Agency, acting in conjunction with the committee of three, elected by the distributing allottees, fixed current prices of new season's produce—Butter, 148/-, 150/-; cheese 86/-, 87/- white. 85/-, 86/- coloured. With heavy accumulated stocks from the previous season, together with industrial disorganisation in Great Britain resulting from the miner's strike, sales were slow for several weeks. Late in November the rapid absorption of old stocks, together with an anticipated drought in Australia and other causes stimulated activity, with a result that prices had ascended to 174/ —176/on December Bth, cheese standing at 96./-. A slight decline was later experienced .following which, prices remained practically stationary until towards the end of February. Early in March a strong agitation developed against the board's policy. Alarm was generated in many quarters. This led the the board, on March 14th ,to abandon its policv of price control. At this stage prices of depression continued until the end of May, when a

temporary market revival was experienced. A depression again developed during June, continued until wards the end of July, when another upward movement began prices at the end of the month being:

Butter 1625.-1645. Cheese 925.-945. What the Graph Shows.

A graph showed that during periods of depression wide differences between wholesale rate followed, reaching 175/-, at which it remained with a fall to 171/- on 13th, a recovery to 174/- on 23rd, and so kept level till February 11th, when the wholesale collapse came on February 22nd, and the low level of 159/- was reached on March 9th. A week later the chute came and the wholesale price of butter uncontrolled fell to 144/-. Even then the retail stood at l/Bd. equal to 187/- per cwt; but it was lowered on March 18th. to l/7d, while violent fluctuations were recorded in the wholesale rate, control of the price having been lifted. The retail rate kept even at l/7d, while the wholesale rate varied at from 144/- to 150/-, a slight advance came in May and the retail was then fixed at l/Bd. on May 20th. and stopped there until July Bth, with the wholesale rate rising and falling day by day. Economists ness) village in 1924. But that had been desired by the. chiefs and orators will find much material for thought in this graph of the courses of whole- ! Bale and retail prices. ....»

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/SNEWS19271014.2.6

Bibliographic details
Ngā taipitopito pukapuka

Shannon News, 14 October 1927, Page 2

Word count
Tapeke kupu
715

THE COST OF CONTROL Shannon News, 14 October 1927, Page 2

THE COST OF CONTROL Shannon News, 14 October 1927, Page 2

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