1921. VI CTOHIA. ANI) STA'fEJ\IIEN'f OF ACCOUN'fS OF '!'HE VICTORIAN vVJ-IEAT COMMISSION 'T() 8(YrH ._TUNE, 1921 : \\Tl'H j\_J::'PEN TO BOTH HOCSES PARLIA:'.JENT PUHSUAXT TO THE PRO\'ISIOXS OF ACTs 28!2 AND 3076. J.nthot ity : 4.LUEilT J. MULLET'r, GOnJRYMENT PRIN'l'ER, MEf,BOUB!UL 2xn S.-No. l9.-{h.]·-li337.
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1921.
VI CTOHIA.
BAL.ANC~~-SHEET ANI) STA'fEJ\IIEN'f OF ACCOUN'fS
OF '!'HE
VICTORIAN vVJ-IEAT COMMISSION
'T() 8(YrH ._TUNE, 1921 :
\\Tl'H
j\_J::'PEN DICJE~.
RF;;.:~<;NTEJl TO BOTH HOCSES 01~ PARLIA:'.JENT PUHSUAXT TO THE PRO\'ISIOXS OF ACTs Nn~. 28!2 AND 3076.
~A! J.nthot ity : 4.LUEilT J. MULLET'r, GOnJRYMENT PRIN'l'ER, MEf,BOUB!UL
2xn S.-No. l9.-{h.]·-li337.
Bank Overdraft Creditors against---
Season 1915~16-Provision for General Certificates unpresented
Liabilities. £ 8. if.
Less Deductions outstanding against third Advance-~Dockage Rail Freight Handling Charges
3 8 4 1,166 5 4 1,019 19 1
VICTORIAN WHEAT
£: s. rl.
9,061 G ::1
GENERAL BALANCE-SHEET Sr;ASONS 1915-16, 1916-17,
£ S~ d. £ s. d. 11 ,1)69 8 8
4,000 0 0
~---------· 2,189 12 9
Provision for shortage between Bills of Lading and outturn weights of Shipments ..
Season 1916-17 Provision for General Certificates unpresented
Less Deductions outstanding against AdvancesDockage Rail Freight
Provision for shortage between Bills of Lading and outturn weights of Shipments ..
Season 1917~18--Provision for General Charges Certificates unpresented
Less Deductions outstanding against AdvancesDockage Rail Freight
Seasc,n 1918-19-Provision for General Charges Ccrtifieates unpresented -
Less Deductions outstanding arrainst Advanros--Dockage ~ ~ Rail Freight
Expenses incurred in other Seasons on account of 191G--1li &ason 14-,911 H 2 l6,0Hi 18 10
10. Pmvisiou for General Charges .. HalancP su hjePt to explanations as per R<>port ..
Audited and found correct. J. A. NORRIS, Auditor-General,
19th Septen1ber, 1921
30,927 13 0 4,000 0 0
186,701 HJ 1
19 1
ACCOUNTS TO 30TH JUNE, 1921.
l. Transactions on account Australian Wheat Board, General PooL-Subject to adjustment in accordance ·with the average realization for all States. Allotment of Sales as per basis set out in Report--
(b) Export Sale" of Flour--~ Sales of Wheat for Gristing Lc8S P1uchases of Flour
lJ ,560,990 31 2,769,044 5 1 2,654,997 19 8
]'lour Shipments--213,479}Q-iHl- short tons
Less ~
Ji'reight Insurance War Risk
" fi-Iarine ..
Exchange Commission Snperintemlcnec
(c) Proportion of realization in excess of 4s. 9d. per bushel, seaport basis, on Shipments of Wheat and Flour, from 1st January to 31st May, 1917, to adjust 1915-16 and 1916-17 Accounts, Australian Overseas Shipments of Wheat
(d) Chartering Commission- -Wheat Flour
(e) J>remium on Exchange, London to Melbourne
{f) Commission on Freight Advances
2. Victorian Transactions, State Pool-
( a) Local Sales, seaport basis .. 10,870,677 44 (b) Proportion ofrealization in ex-
cess of 4s. 9d. per bushel, sea-port basis, on Local Sales, for Victorian Shipments Flour, from 1st January to 31st Mav, 1917, to adiust 1915-16 and 1916-17 Ac;ounts
(c) Storage Charges paid by Imperial Government
(d) Miscellaneous Receipts, 111-
cluding Permits ..
Bushels lbs. Total Deliveries 59,845,757 4 Total Bushels, as per
Certificates issued 59,175,94.0 44 Gain in weight . . 669,816 20
----~-----~-~~~=~-,
341,819 6 10 5,701 18 0 4,287 15 1 7,237 12 [j
10,517 17 3 1,743] :3 1
111,046 5 5
3,010,338 1 11
3,124,384 7 4
371,308 2 8 ·--------2,753,076 4 8
45,774 8 6 9,711 11 2
63,097 5 7
55,485 19 8
18,929 17 0
2,977 18 9 ----- 11,739,391 ] 2
2,603,889 10 6
35,021 g 10
4<1,151 19 0
12,400 13 7 2,695,463 17 11
14,434,854: 19
D. A. WILLIAMS, L.I.C.A., Acting Accountant, H. J. BAKER, Manager,
Victorian Wheat Commission.
l. Advances to Growers at is. per bushel (le.:tf ItMilfreight as per Certificate~) Interest on--
Advances adjusted with other Season~ to 30th June, 1921 (not including In t~?r-Sta te)
Certificates l':x~?hange within the State
2. [{ajJ .FreightAmount pnid Reba.ted to Country .Millers
;J. Handling Charges·-· Shipping Contra<Jtors and Millers Extensions of Con tract
Maintenance of Stacks, Wages, Materials, &{'. H.econ.ditioning nnd Rcbagging--Additional to paynwntl! of £20,682 tia. by
Contractors Rent of Rail Sites and Storages Wages of Samplers not inclnd~?d in {'ontracts Encasing and Gassing Sta<:'ks (Weevil Destruction)
4. Depreciation--Wheat TreatmeuL Plants and Buildings •). Purchase of ~Iatcria la for Stomge Accommodation--
Iron ./:e.<" amount realized
Timber Le8s amount 11.'alized
ti. Mouse Plague Expenses 7. Damage by Flood, Storm, &e. R. Strike l~xpenses 9. Fire Insurance, Premium on-
l. Transadions on account of Australian 'Vlwat Board, General Pool (subject to adjustment in accordance with the realizat,ion for all States. Allotment of as per basis set out in RP})Ol't-
7
Bushels I b~. £ d. d. £ 8. ,i/, £ 8. d. £ 8. d.
(rt) Export Sales of Wheat 24,H:12,15U 1 tl,981,73!l 8 1 Le.s.~ Victorian proportion of realization in exo.;ess
of 4s. 9d. per bushel, seaport basis, on Australian shipments fro!ll 1st January to :Hst :\'!:ay, 1917, to adjust Hll5--Hi and 1916-17 Accounts ..•
1. Transactions on a.cco~.;.nt o[ Australian WLeat Board, General Pool (suhject to adJustment in accordance with the average realization for all St.ate:::. Allotment of Sales as pr.r l'asis set out in Ueport)--
(b) Miscellaneous Ueceipts, m· eluding Despatch Money and Permits
(c) Storage Charges, Norwegian Government
(d) Profit on realizat-ion of Timber
Bushels lhs. Total Deliveries 36,368,763 11 Total Bushels as per
Certificates isl'lued 36,233,372 48
Gain in WPight. 135,390 23
36,368,763 11
11,405 1 0 3,053 15 6
14.458 16 6
~,393 8 5 201 2 9
2,890,009 l7 0
24,632 n 7
3,286 7 9 1,566 1 3
8,189))23 16 10
6,114 13 10
8,1 83,4.09 3 0
2,919,494 17 7
11,102,904 0 7
D. A. WILLIAMS, J .. .I.C.A., Acting Accountant, H .• T. BAKER, Manager,
Victorian Wheat Commission.
10
1. Advances to Growers at 5s. 2d. per bushel (less Rail :Freight, as per Certificates)
Interest on~ < Adn~nees adjusted with other Seasons to 30th Jnne, 192]
(not inch1ding Inter-State) CertificateB ..
Exehange within the State
~- ftail Frei<>"ht~ .\mount paid ReLated to Country Millers
:1. Handling Charges-~ Shipping Contractors and Millers Maintenance, Labour, and :Material Ueconditioning and Rt>bagging Rent of Rail Sites and Cost of Country Dep%s Wages of Samplers Labour Cost -·Erection oi Storage Sheds Dismantling Storage Sht>d
4. Depreciation-Wheat Treatment Plants and Buildings 5. Purchase of :Materials for Storage accommodation~<-
Iron ' Less amount realized
Timber Les.s amount realized
6. 1\Iouse Plague Expenses 7. Strike and Arbitration Expenses 8. Fire Insurance Premium
Wheat Flour Plants
9. Administration Expenl'lesSalaries, Office
, Inspeetors' IJegal Expenses Travelling Expenses Stationery Office Rent Postages, Cablegraml'l, and Telephones Insurance (Workers' Compensation) Inquiry Boards Office General Expen::;es Outside Expenses .. Audit Fees D<>preciation~Furn.iture and Fittings Australian 'Yheat Board proportion of Administration
payable by Victorian Wheat Commission
Lf:!S' }Jxpense;; incurred on account of other Seasons
10. Provision for General Chal'!.res .. Balance (sttbject to e:,:planatio; as per Report)
Audited and found e.orrect. J. A. NORRIS, Auditor-General,
] . 'l'ransaetions on aef~t.>unt Australian Wheat Boanl, General Pool
~ (l'lHhject tn ad]tt'-'hnent in accordance witJ1 tlw avem!(:~ realization Jor all the States .. ·~Allotrnent of Sales tU:< p<'r basis set o11t m Report)--
11
Bushels lbs. £ s. d. s. d. .~. d. £ s. d'
(o) ];xport Kale" of Wlw<it W,338,232 37 I ,504-,352 I) 8 Lrss- ·
3. Handling Charges·--· Shi})ping Contra<·t01·s and Millers )faintenance of Sta.cks and Freight on coverin!-!: .Mat(·rials Reconditioning and Rebagging Rent of Rail Sites Samplers' Wages ..
4. Depreciation---Wheat. 'freatment Plants and BuiJdings 5. Purchase of lYiaterial for Storage Aeeommodation~ ·
Iron Less amount realized
Timber Less amount realized
Balance to credit of Account
6. Fire Insurance PremiumWheat Flour Plants
7. Administration Expenses-· Salaries, Office
, Inspectors' Legal Expenses Travelling Expenses Stationery Office Rent Postages, Cablegrams, and Telephone!:\ Office General Expenses Office Outside Expenses Audit Fees Depreciation--Furniture and Fittings Australian Wheat Board Proportion of Administration
payable by Victorian Wheat Commission
Less Expenses on account of other Seasons
8. Provision for General Charges .. Balance (subject to explanation as per Report)
Audited and found correct . .T. A. NORRIS, Auditor-General.
1. Transactions on account oi Australian Wheat Board, General Pool (subject to adjustment in aceordance with the general average for all States Allotment of Sales as per basis set ont in Report)-
(d) Chartering Commii!sion · ~'lour and sundry Premium"
2. Vietorian Transaetimts, Htatc l'ool··
(o) Ordinan· Loeal Sale~, :>t•uvort basi;; ·
(/,) Increase in Priee of Wheat equivalent to Flour Stocks hel•l mi 31st ;ranuarv. 1920
H .Miscellaneous &ceipt:> induding Permits
(1/) Profit on n2alir.ation of Timlwr
Tuhll Deliveri<•;;; Total Bnsh<els aR ]JI:'r
C!<·rtificate;; iH,med
Bushel11 11>>. l2.:)6R O!l7 3:\
J!"\.6(i.'i i}()
Bushels lhs. s. d. 8. tl. £ S. tl s ;/
2,027.925 24. l,GGI,iHl 6 4
280,04tl !R I 5,303 1 I 5 5,271 12 ] l :noo w n
't6!) ll 7
189,812 u 285596 2 () 269,888 HI 11
iJ92,610 tR
!!.257,71~ iJ7
12,:368,097 3:1
50,175 12 fl 1,5('!)5 5 10 2,256 9 1
36 0 10
:.!!H, u,:; 7 u -------1,367,523 18 [j
15,707 2 l
:m. 905 u; 2
M3,612 17 3
53,97:3 8 1 289,();)9 9 2
345,352 15 10
!),911 17 8
(i:J,G82 0 1i
f) 040 11 Jl 640 :3 8
2,008,428 1
D. A. W.ILLL\MR, L.U'"L .\!'tiug Aec:oulli~u1 1. H . .J. HAKKR . .\hmagPr
\rietm:ian WlH•at Commission.
1
2
1. Advances to Growers at 5s. per hushel Interest on-
14
Advances adjusted with other 8easons to 30th June, 1921 (not including Inter-State)
Certificates
Exchange wit\1in the State
2. Rail FreightAmount paid Rebated to Country l'Iillers ..
3. Hamlling Charges-Shipping Contractors and .Millers Maintenance, Labour, )Jaterial, and Freight Reconditioning and Rebagging Rent of Rail Sites .. Wages of Samplers .. Labour Cost-Erection of Storage Sheds
4. Depreciation-Wheat Treatment Plant and Buildings 5. Purchase of :Materials for Storage AcJcommodation (subject
to reduction by realization)-Iron
Less amount realized
Timber Less amount rea]ized
H. Damage by Storm, Mice, &r.. 7. Fire Insurance Premium
Wheat Plants
8. Administration Expenses-Salaries, Office
, Inspeetors' Legal Expenses Travelling Expenses Stationery Office Rent Postages, Cablegrams, and Telephones Insurance (Workers' Compensation) Office General Expenses Office Outside Expense~ Audit Fees Australian Wheat Board proportion of administration
payable hy Victorian Wheat Commis;;;ion
Les.~ F;xpen.~es incurred on ac<:ount of other Seasons
Balauee (sulJjeet to rxplanat.ion as per Report)
Audited and found correct . .J. A. 'XORRIS, Auditor-General,
19th September, 1921.
SEASON 1920-21.-STATEMENT OF
£ s. d. £ s. rl. £ s. rl.
58,66() 18 2 355 17 6
50,863 14 0 4,980 13 3
39,454 6 0 4,049 H 9
---·---
lf>,317 15 4 2,337 6 11
274 18 10 2,581 1H 9 1,024: 12 7 1,189 7 H
612 11 () 1 ;33 ci 0 C>91 f> l 204 17 10
GO 0 0
2,100 0 ()
9,496,591 13 4
59,022 15 8 4,744 7 8
546,548 10 9 50,679 18 10
-·-------
292,419 10 3 22,220 14 1
391 9 10 5,931 10 0 [>,048 19 9
18,095 14 11
45,883 0 9
35,404 11 a
5,500 0 0 140 15 7
26,427 19 4 10,000 0 0
9,560,358 16 8
597,228 9 7
344,107 18 10 600 0 0
81;287 12 0 Ml9 18 2
5,640 15 7
16,427 19 4 43,931 5 2
10,(350,022 15 •!
ACCOUNTS TO 30TH JUNE, 1921.
1. Tranaaetious on account of Australian Wheat Board, General Pool-
(c) Sales of Wheat for Private Export of Flour 926,713 3!)
(d) Chartering Commission-Wheat Flour
(e) Commission on Freight Advances
(j) Despatch Money
2. Victorian Transactions, State I'ool-
(a) Ordinary Local Sales, seaport, basis 3,459,495 18
(b) Miscellaneous Receipts, in-cluding Despatch Money and Permit.s ..
Balance of Stocl• Undelivered .. 14,096,461 40
Total Bushels received to date . . 38,443,822 0
91,833 11 11 892 12 4
2,624 2 5 348 9 H
H3 4 5
37,492 9 10
556,814 12 6
594,307 2 4
95,792 0 9
81,929 7 2 1,!567 13 9
498,515 1 7
:371,399 12 11
83,497 0 11
2,015 9 0 11,547 1·1 8
----- 9,073,3l't 4 2
1,560,262 8 10
26,446 2 4 ] ,576,708 11 2
10,650,022 15 4
D. A. WILLIAMS, L.I.C.A., Acting Accountant, H. J. BAKER, Manager,
Victorian Wheat Commission.
16
APPENDICES.
APPENDIX "A."
AUDITOR-GENERAL'S CERTIFICATE.
In accordance with the provisions of section 10 of the Wheat Marketing Act 1915, No. 2812, I have to report. that the Statements of Accounts for the Seasons 1915-16, 19H)-17, 1917-18, 1918-19, 1919-20 and 1920-21 for the period ended 30th June, 1921, and the General Balance-sheet as at 30th June, 1921. have been examined bv officers under mv direction and are found to be correct. . •
• The items have been verified with the books, vouchers and and certificates. I have obtained all the information and explanations required by me.
The Statements of Accounts in conjunction with the Report exhibit correctly the position of the affairs of the Commission in so far as they are ascertainable at this date.
The certificates of the Manager and the Acting Aecountant have been accepted for the stocks of wheat on hand. :For the stocks of cornsacks, malthoid and floatine, hessian, sackcloth and curtain stocks, twine, benzine, bolts and
nuts, the certificates of the Outdoor Superintendent and Officer-in-Charge of Stores have been accepted.
19th September, 1921.
APPENDIX "B."
J. A. NORRIS, Auditor-General.
REPORT ON STATEMENTS OF ACCOUN'l'S AT 30TH JUNE, 1921.
General.--'l'he accounts presented are made up to comply with the provisions of the Wheat l\[arket.ing Acts, and cover the operations of the Victorian Wheat Commission for periods ended 30th June, 1921. ·
The eredit side of the account is divided into two groups, one of which represents deliveries from this State on behalf of the Australian Wheat Board, while the other shows the transactions solely on ac0ount of Victoria,
The deliveries on behalf of he Australian Wheat Board are incorporated in the books of that Board and become part of th.e Australian General Pool for distribution amongst States at the general average realization of each sale period.
The delivt>ries made by Victoria on account of each ovt>rst>as pool may rt>alize below or above the general average of all States.
The grain of each season has been kept entirely separate ail rl'gards both stacking and handling, also the charges relating thereto, but for reasons o! economical handling sales have been satisfied on a ·• f.a.q." basis from stocks of a.ny season. The necessary adjm;tmcnts have been carried out in accordance with the pooling principles of the Australian Wht>at Board.
The adjustment whereby sales of low grade unmillablc .!.!rain sold locally after 31st D,•eember, Hl19, have been credited direct to the season producing the grain has now been made.
The relative quantities for export. and for local sales for each pool have been defined with the exception of 1920-21. 'l'he weight for ove.rscas deliveries is on bill of lading baBis and is subject to results of outturn which will be adjusted by the Australian Wheat Board. The effect per bushel on the pools of the difference in realization between local and overseas Rales is now evident-~1919-20 revealing the greatest differenct>.
The debit side of the account shows the advances paid and the expenses immrred. The expenRes of (;af'h pool other than 1920-21 are ver f close to finality, with the exception of interest.
The adjustment of iutere~t as between pools has het>n (·omplt>ted to 30t·h .J unt>, 1 ~21, but Intt>r-Statt> adjnstmt>nts have vet to l1e made.
·These will not materially alter the figureB for 1915-16 and 1916-17 pools, but. may to some extent benefit the 1917-18 and 1918-19 pools, as transfers o~ funds to other States carry interest. The Inter-St~.te settlements will finalize the interest account. The balance at credit of the different p:wls will continue to earn interest up to the date of settlement.
Plant and building11, loose tool;,, timber, iron, and other materials purchased on account of earlier seasons have either been sold or transferred to season 1920~21, the depreciation and loss on rt>alizations bt>ing charged to the season to which service has been rendered.
Considering the conditions existing when the purchases had to be made, the result of these realizations have been Yery satisfactory, and the cost to the pools concerned has thereby been minimized.
17
/:ie(.t}~on 1!113-Hi. c-Puot !i!J, 17!J,!HO bwdwl;; l(,.p,•rt ·H5,Hi:'J,07U bnt<helH, local l0,8i0,677 bushels, gain in weight 61)9,8Hi hushds. The Jinal adjustment b.~ the .\.u:<trali<.ttt WheaU3uarJ, in aecordau~:e with t.he balance due to·or:by•each Rta.te on account of overseas slt ipnHmt:s, is Jl()aring t·omplt·tion.
ThB an>rage realizatioll on dPlivvrles made hy Victoria <•n u.cconnt of overseas pool is 4s. ~)· 52d, per bushel, and the u verag" realization of all Shtes is ,;~t,imnt~c,rJ nt ,J,,, I Od. per bus!wL . . .
ThiK estimated a V<'ragc cum bi twd with th I! lonal ~alPs iududing m iseellanPolli:! receipts and proceeds of gam ~n we~ght give a net realization or 4s. 10· 7:'!<1. pn !nu;lwl {1)1 tb<' '''"rtificat-t>d quantity. 'fhe total charges other than rarl freight <ts per ecrlifirak:>, aHc·r 'i''dllf·ting >tora.g•· ebar~"~ paid h.'- tlw lmperhtl Government, amount to 3'859d. on certificated quantitieH.
Stooks of the "''ason were on rried up to thrPe ami a-half. yParf(. Progress Jla.)'trH'llh;, amount.ing to 4K. i"Jld.Jwr bnsfu·l, Ios:; t·ail fn~ight a.s prr eertificates, have been made.
Season H!Hl -17. Pool iJO;iOti;770 bashok J•;xJ)(Irt 32,\JiiO,!i05 hu~>hels, locall6,l20,329 bushels, loss .m weight 1,325,8:J5 hnsheis, indudin:.; 80,000 buslwls provi~:~ic!ll for loss on outtum weight;;.
The basis taken £or eredi(. ia the "\..;count of 1':\aks i.~ <ts folluws:
Hxport 8ale.s. ·!. Balance: of Cnn!.r;H·t of :-un;,oon iCJJJ:> o( wh.·~ut: (partly :;upplied by season 1915-16). . 2. Oversea . .,: saJes in yem: HJ 17 I"~" a proportion ot the realization in exee:<s of 1s. 9d. per bushel, seaport basis, on
shipments from l;;t Jauuar.v to 3J •.t ~ta.~· !!ll 7, er<'dit.:d to 19lfJ-lU c;ea~>on. 3. One-half oJ Overst•as s11les in ye<tr 1Ul8. 4. The balauce from ftr~b Uv,•rsr~a;: ~ah·•J i11 year J \:11\J.
Local8aleii.- 1. Salt:s in y .. a.1· I ~l17, l<lss a J•roprn·1 i~>n of tlw rt·aLi~at;ion in excess o{ 4s. 9d. per bushel on Local Sales from lst January to 31st '\lay, I \l l7, t-.mm-fcrrcd t•• t.he t'l:<'<llt nf HJL!)-[6.
2. One half of l.oeal SaJeR in \'ear J D18. 3. Sales of lm.v gmde unmiUa.l.>h wkM ;tud piekl;p~ o( Uti;; st'tl.tiOll made after 3lllt Decembl"r 1Ul9. The averag.: realizatiotl of clt>liru·ic~ made by ViL:ttHia oH aeeonnt. of (hrer.-<cas sales i;; 5s. 1· 2ld. per bu~>hel. 'l'he average O\'<~r~c'll-~ L<:a.lizat.ion uf all ~tate~ is not availabie. The average realization ol' lo•·-al sJ.],~,; (inr·Jwlin~ w:!l~ipt.<) i.< L. :)· OJ3d. per busheL Re~:eipt!> OH avcount of Sturage nharg~es (Ttl!J'l'l'i,t] GoYrnlllli'U1; l'nntract) have improved by £53,157 8s. lid., and
now stand at £703,3f)3 :lo;. lOd. The adjustment of local r;:des of low gr:Hle wh•·:tt. and inter-pool interest, tbe additional storage charges received,
and the rccPival by th',' Australian Whe:tt Board of a ·<hare in t.he profits on diverted eargoes on account o£ the Imperial Government Conlract, have in1prove.J the po'litiou of thi~ pool since the laHt publi~>hed accounts.
The Stock~>, some of whieh were earried for follr (:L) year8, have been cleared and the loss in weight definitely ascertained.
The tot<tl charges, other than nul height <ts per tcrtificateH, after deduct.ing storage charges .rC(:eived, amount to 1· 37d per bushel on certifieatr•d quantitie~
The progress pavmcnts to grower.< amount t( ±~.per bushel. less mil freight as per certifieates.
Season 1917-lfl.. --J'ool3G,233,372 hu~hels. K'>.J!ort 21,731,7G2 bushels, local 11,631,001 bushels,. gain in weight 135,390 bushels.
'l.'he ba;;is taken for erellit in the Account of ~:'alp;; is as followR :-
E:tport Sales.-1. fJOper cent. o( Joiut Account 1 !)i(i .. J7 and H!l7-18. 2. fJ2· 22 p<'rtent. of.Joint Avcount HH 7·-18 aml HJlB-19. 3. Balance satisfied from sales of 1920.
Local Sale&. -1. 50 per cent. of Joint .\ccouut J9Hi·l7 and 1!:117-18. 2. 52·22 per cem. of Joint Aceount 1917-18 amll918-19. 3. Low grade uruuillable wheat o[ this seasoH sold locally after 3lc;t DPecmber, UHH. The a,veragc realization 011 ddinlries made by Vietori<1 on aC!'oun!; of Ov·er:-;cas Sales is 6s. 7 · 39d. per bushel. The aVllrage overseas realiza.tion of all States lmo; not yet bel)ll arrived at.
' Victorian local sales, including mi.~cellaneous rceeipts, average 5s. 0' 142d. per bushel. The interest charge on this Pool, as adjusted to 30th June, 1921, as previously pointed out is high on account of
the length of time t.he crop r<•mained un:,;old. The realization of materials requir('d for the handling and storage oE this harvest (the whole exportable surplus
of which had to be stoi·ed.) ha;; heen eo m pleied. Th0 difY,?rvucf' between the purchase cost and th., proceeds of realization after two or thrl'e ye,trR' nc;e i~ sh.own in the ac·cotmts, and repn·st•nts a eharge to the season o£ · 164d. per bushel.
The total eharge;:;, other thn,u r:.1il fn~ight a~ per <:ertilicah~l:i after deducting storage charges received is 7 ·133d. per bushel.
Stocks were carried up to three years, Progress payments, amounting to 5~>. per bushel, less rail freight as per certuicates have been made.
8easun 1918--19- -l'ool 2;},027,351 bu:;hds. Export 17,111,284 bushels, loea.l 5,\:125,601 bushels, gain in weight :309,531 bushels.
The basis taken for credit in the Account of .Sales is as follows : ·-
Export Sales. --1. 47 · 78 per ccnb, of ,Joint Account I 917-18 aud lUH!-19. 2. Balance s~1tisfied front ~>ale~> of 1920.
Lucal Sales. 1. H · 78 per cent. of J oiui, Aueouut HH7 -~~~·a,nd I \:1 L8·l!J. 'rhe avera.ge realization t>ll deliverie1:1 made Vietoria on <Jueotmt of ovt·r~ca.8 sales j,., us. 10· 3d. per bu~:~hel. 'l'he average overseas IC"alization of all S1 ales 11ot yet ohtaiuable. The average •·ealiza.tiun ou IHTmmt of loe~d H<tlt>s, indwling miseellancous rceHiptt(, is 5s. 2· 89d. per bL1shel. The whole uf the exportable surplu~ of this t<Ot~i'iOll (as in 1917-18) had to be stored, and stocks were carried for
two years. Owing to the aecLtmulat.ion of stuck~ and pn•st•nce of Weevil at the seaboard, depots had to be established in the
country. These were required iur oi tb1: one season only 11s the following harvest provided only a very small quantity for eX.J!urt. The cost of timbe;· iron for the storag<; shedc; and country covering, after realization of the material used amc:unts to · 394d. per bu~hel, the totall·.hal'ges other: than raii freight as per certificates, being 5s. 4 ·Md. per bushel.
Progress payments, amounting to 5s. 2d. per bushel, lellsrail freight as per certificates have been made.
17337.--2
18
Season 1919-20.-Pool, 12,34:9,433 bushels. Export 3,110,348 bushels, local 9,257,74:8 bushels, gain in weight 18,663 bushels.
The basis taken for credit in the Account of Sales is as follows : -Ecport Sales.-All sales made overseas during year 1920, subject to a neeec;sary adjustment with 1917-18 and
1918-19 .Joint Account for the quantity undelivered on 31st Deccmb0r, 1919, ou that account. Lo~;al8ales con;;ist of all requirements (within the State) for the year 1D20, less ;;alel:l of low grade unmillable grain
of other seasons sold during this period. Under the provisions of the Wheat ilfarketiny aml TranSJ)(IJ'lation Acll!l20, an amount reprec.llmting the increase in
the price of wheat from 7s. 8d. to 9s. per bushel was made payable on all stocks of flour carried over to 1921. £65,682 has been collected on this account.
bushel. The average realization on the over<>eal'! quantity of 3, tl0,348 busheb delivered by this State is 12s. 10· 97 d. per
The average overseas realization of all States is not yet obtainable. The local sales, together with miscellaneous receipts and" flour stock~ increase" average 7s. 8· 625d. per bushel. The total charges, other than rail freight as per certificates, amount to 2 · 5d. per bushel. The handling charges
are more favorable than for other seasons on account of the greater part of the season's grain being required for local use and handled direct by fiour millers.
Progress payments amounting to 7 s. Gd. per bushel, less rail freight as per C<'rtificates, have been made.
Season 1920-21. -Receivals to date 38,443,822 bushek The average realization ou deliveries made by Victoria to date of Account for the Overseas Pool is 8s. 8· 2'Jci. per bushel on 20,887,8GG bushels, bnt thc:;e Victorian deliveries cannot be taken as the standard of the whole pool.
Local sales to date of Account, including miscellaneous receipt.,;, average 9s. 1· 38d. per bushel on 3,4£:19,495 bushels. As the transactions of this Pool cover a period of six (G) mouths only, they do not give a reliable indicat-ion of final
reslllts. Transfers of timber and iron have been made to this Season at expert valuation, and complete shed accommodation provided at seaboard for the exportable surplus. The ehargc under this heading will be considerably redueed by realization.
Progress payments, amounting to 5s. per bushel, have been made to date of the Account, but a further advance of ls. 3d. per bushel was paid on 5th July.
Balanoe-8!teet~Liabilitie!5.--The full amotmt of the eredit balance shown for e1wh season does nut necessarily belong to Victoria. Each balance represents the unadjusted credit for both Overseas aml Local Sales made by Vietoria, the .Overseas sales being subject to apportionment on an Australian Pool basis.
Assets.--The principal item is the debit to the Australian Wheat Board on Geneml Pool Aceount for proceeds of shipments against which cash has not yet been received by this State. Materials, plant, buildings, furniture and fittings are now held solely on account of Season 1920-21.
Details under the various headings have been omitted, but these have been July given in the full statement oi accounts furnished to the Auditor-General and Governor in (;ouncil, in ar:eordance with the provisions of the ·wheat l\'Iarketing Acts.
Published statement!! have appeared on 19th Deecmber, 1Hl7, 27th Kovmnber, Hll8, 12th November, 191!1, and 17th November, 1920.
D. S. OMAN, Minister administering the Wheat l\farketing Acts. H. J. BAKEH, A.l.(;.A., Manager, Victorian Wheat Commission.
By Autlwrity : ALBtm'l' J. ;u UJ.l,ETT, Government Printer, Melbourne.