8 September

NORTH-east co-op Tynegrain is to return surplus profits to members in the form of a rebate on 1999/2000 drying charges.

This amounts to 2/t, or 800 for the average farmer-member who contracted storage for the 1999 harvest.

An excellent contribution from our marketing arm, GrainCo, better-than-expected profits from export handling and prudent management practice combined to create a surplus well above our original budgets for the year, says chairman Forster Holmes.

Directors have also agreed that invoices for this years drying charges will be payable in two instalments, half on Dec 15 and the rest on Mar 15.