BONUS PAID TO WOOL-GROWERS

Southland Times, Issue 24826, 19 August 1942, Page 5

BONUS PAID TO WOOL-GROWERS

DISTRIBUTION OF £76,370

Invercargill wool-brokers recently received payments totalling about £76,370 to be passed on to growers in final settlement for wool sold at Invercargill during the last selling season. An amount of £59,064 represented 5. per cent, of the total realizations, which was held back by the Government in case the valuation at appraisals exceeded an average of 12£d per lb. During the last three seasons this has been the price paid by the British Government for the New Zealand clip. The average price paid at the appraisals was actually 1.464927 per cent, below 12jd and this sum was credited to growers. That small percentage actually totalled £17,305 for wool sold at Invercargill. Brokers have been faced with the task of estimating the amount due to each grower on the basis of the above percentage calculated to six decimal places. Most brokers have completed the work and have forwarded the cheques to growers. The extra payment of £17,305 brought the total realizations for wool at the Invercargill appraisals during the season to £1,198,599, which was approximately £lO,OOO below the total for the 1940-41 season.

The first appraisal of the new season at Invercargill will be held on September 7, when crutchings will be offered. It is expected that about 1700 bales will be offered on that occasion. The wool valued then will carry the higher prices granted by the British Government.