Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Wednesday, 21 October 1931


Mr PARKER MOLONEY (HUME, NEW SOUTH WALES) .- I move -

That the following new sub-clause be inserted : - 2a. Where the free-on-board equivalent of the price per bushel realized upon the sale of any wheat in respect of which a certificate has been issued under the last preceding sub-section by a prescribed cooperative organization varies from the free-on-board equivalent of the estimated price stated in the certificate, the organization shall issue to the grower of the wheat a further certificate in duplicate stating the free-on-board equivalent of the price so realized and specifying the amount of bounty payable in respect of the wheat.

That simply means that when the average price of the wheat sold by the pool, on behalf of the growers, is known, and such average price is less than that shown in the certificate issued when the wheat is received, a further certificate must be issued to enable the grower to receive from the bank the additional bounty due to him.


Mr Hill - That meets the point that I have raised.


Mr PARKER MOLONEY (HUME, NEW SOUTH WALES) - Let us take an example. When the pool or an organization receives wheat, it estimates the f.o.b. equivalent of the price that will be realized.


Mr Paterson - Will it not estimate the value on a very conservative basis and trust to the bounty to bridge the difference ?


Mr PARKER MOLONEY (HUME, NEW SOUTH WALES) - Assuming that it estimates that 2s.8d. a bushel will be realized, and that the price subsequently works out at 2s. 6d. a bushel, an extra 2d." a bushel will have to be allotted.


Mr Paterson - If, on the other hand, the price realized amounts to 2s.10d. a bushel, a refund of 2d. a bushel will have to be made.


Mr PARKER MOLONEY (HUME, NEW SOUTH WALES) - That is so.


Mr Paterson - Will there be any incentive to the pool to try to increase the price, when it knows that by so doing it will have to refund a portion of the bounty that has been received by it?


Mr PARKER MOLONEY (HUME, NEW SOUTH WALES) - We must assume that the highest possible price will be sought.







Suggest corrections