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Wheat- First advance on 1960/61 Wheat crop



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FOR PRESS 1P51

WHEAT r FIRST ADVANCE ON I96O/6I WHEAT ~ ' CROP- "" "

Statement by the Minister for Primary Industry, ^ The Hon, C„F. Adermann ’ ·

The Minister for Primary Industry, Mr. C.F. Adermann,

announcod to-day that tho first advnnoo on whoat delivered

to the Australian Wheat Board from the 1960/61 crop will be

paid in two instalments; 9/~ pci bushel, less freight, for

bulk wheat f.o_ r. ports on delivery with a further payment of

2/- per bushel to be paid on 1st April next.

For bagged wheat, Mr. Adermann continued, the first

advance will be 4d. per bushel above the bulk rate and an

additional -.dvance of 2d. per bushel will bo paid on Western

Australian deliveries in recognition of the freight advantage

accruing to that State on export markets.

The Minister said that the current .forecast of deliveries

to the Australian Wheat Board from the 1960/61 crop is

225 million bushels - a quantity well above any previous year's

deliveries and about 45 million bushels above the 1959/60

figure. The finance needed (£115 million) to meet the

initial payment and freight and handling charges on a crop of

these dimensions will require that an overdraft be arranged

with the Commonwealth Bank £5 million greater than that necessary for the payment of the first advance on the previous

season's crop. This overdraft will be guaranteed by the

Commonwealth Government as usual. . .

The Board expects that the current crop year will end on

November 30,.I960, with a carryover of about 62 million bushels,

after 181 million bushels have, been sold for home consumption

and export during 1959/60,

Mr. adermann said, that export sales made by the Board

during the season now ending would bo about 124 million bushels

which he said, was a very high and encouraging figure, having regard to difficult export marketing conditions due to world accumulations of wheat stocks, particularly in North America.

"The Australian Wheat Board is well aware of the need for

maintaining and if possible increasing sales of wheat to export

m· rkets, particularly in view of the anticipated record

deliveries from thu 1960/61 crop, so that burdensome

accumulations may not require to be held for undue periods.

'The Government will continue as in the past to work towards

the maintenance and further development if possible of markets

for Australian wheat through trade agreements and. action at

the international level to prevent damage to the volume of .

Australian commercial sales of wheat through unfair and

\rostrictive trade practices on the part of some of our

competitors," Mr. Adermann said.

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The Minister added that the Wheat Board will take· the

necessary stops to pay to growers as promptly as possible

tho initial payment against deliveries of wheat of the l$60/6l

crop. Many growers should be paid before Christmas time.

■ "In view of the fact that the Commonwealth Government

has made every effort to protect th'c,interests of primary

industry against inflationary trends the Government believes

that the wheat industry will appreciate the value of making

this spread in payments over approximately four months,"

Mr. .adermann said.

CANBERRA ■

November 30. I960 - A.M.

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