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Thursday, 14 March 1968

Mr ANTHONY - There is no foundation for the accusation of tardiness on the part of the Commonwealth in paying compensation due to losses on forward sales of wheat by the Wheat Board. The Commonwealth has stated quite clearly that it will compensate statutory marketing authorities for sales up to the amount of the devaluation, less the premium they would have had to pay if they had been able to take out insurance. So far as the Wheat Board is concerned, the Government has a rough figure of the amount of compensation that will need to be paid. This compensation mainly results from contract sales to mainland China. The amount owing to the Wheat Board appears to be in the vicinity of $30m. However, compensation will be made available only as payments are made and the figure of $30m is an estimate of forward sales up to 1969. The Wheat Board has to work out what the actual compensation will be as payments are made and has to submit a claim to the Commonwealth Government. To this point of time, the Wheat Board has not submitted any claim to the Commonwealth but I am led to believe that it will not be long before a claim is submitted for payments up to this time.

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