THE BUTTER DEAL.

Taranaki Daily News, 24 April 1919, Page 3

THE BUTTER DEAL.

DISTRIBUTION OF PROFITS. Recently Mr. S. G. Smith, M.P., made inquiries as to when the profits on the sale of the 1917 output of butter would be paid out. He has now been advised by the Hon. D. H. Guthrie, Acting Minister in Charge of Imperial Government Supplies, as follows:—The sum of £307,000 was received from London during the first week in February, representing 50 per cent, of the profits earned on the 1917-18 season's sales, and credited to an equalisation fund, as agreed upon by the factories concerned. During the same month the factories were circularised and asked to furnish particulars of local sales, and, on receipt of the returns, an interim payment of l%d per lb on butter exported and Jd per lb on butter, sold locally was made to all the factories whose returns were correctly prepared. This 'distribution has absorbed, approximately, £210,000, and represents the payment to about 90 per cent, of the factories concerned. Tie remaining payments are being made as factories' corrected returns are received. There has been no delay in connection with this distribution, and if any factory is without the amount to which it is entitled it must be due to its not having rendered the returns asked for in the department's circular in February. Possibly factories arc not identifying this interim payment with 50 per cent, profits, and have overlooked arrangements whereby exporting and local factories were to be equalised out of the profits earned in respect; of the 1917-18 season. It is estimated that a further farthing per lb will be available in the final distribution when the factories' returns have been audited.