FINAL PAYMENT

Wairarapa Times-Age, 20 July 1940, Page 9

FINAL PAYMENT

NEW ZEALAND WOOL CHEQUE TOTAL DISTRIBUTION FOR SEASON. ANNOUNCEMENT BY MINISTER. (By Telegraph—Press Association.) WELLINGTON, This Day. A final payment of £766.440 to New Zealand woolgrowers for their 1939-40 wool clip was announced last night by the Minister of Finance, Mr Nash. He said that this additional payment, which was to be paid by the woolbrokers to their individual clients as soon as the necessary accounts were completed, would bring the total payment for the season to £12,633,389. Mr Nash said that the Marketing Department had made payment to the woolbrokers for distribution to their clients the final amount due for the 1939-40 wool clip. In the initial valuations a reserve of 5 per cent was held back and retained as a suspense account to provide a safeguard should the appraisal values average a figure above 12Jd a lb., which was the overall purchase price agreed on by the United Kingdom Government. “The additional payment now being made is on all greasy wool appraised in- Government woolbrokers’ stores up to June 30, 1940, and represents the 5 per cent retained plus 1.136 per cent, the amount of the difference between the average appraised values and the final overall realisation,’’ said Mr Nash. “The present payment, therefore, totals 6.136 per cent, amounting to a sum of £766,440. “The total number of bales of greasy wool appraised to June 30, 1940, was 720,891, on account of which a sum of £11,866,949 has already been paid to wool producers. The additional payment of £766.440 brings the total payment to New Zealand woolgrowers for this season to £12,633,389.”