FORESTRY VENTURES.

Auckland Star, Volume LX, Issue 244, 15 October 1929, Page 10

FORESTRY VENTURES.

TOO LAVISH PROMISES,

NEW ZEALAND'S GOOD NAME

IX\ T E,STIPATIOX. ..SUGGESTED.

(By Telegraph.—Parliamentary Reporter.)

.WELLINGTON, this^day.

.During discussion of the State Forest Service report in the 'House of "Representatives •■;.'. to-night :Mr. H. ' E.v Holland, Leader- of the' Labour party, stated..that a /number of.' afforestation companies operated extensively in , Australia, and he. was informed that a niimber of- work - ing miners at Broken Hill had invested their sayings - in* a concern .operating in New .Zealand. ; It promised a./tfe'mendona return in a 'certain number, of yearjs,but the.lavish nature of promises gave evidence of the" wild" cat.', -nature'*-of the scheme.'.. He: was. af fa id these men would lose a. good/deal of their .money; • The State foi-'ests repimrt contained no direct condemnation of these private firms, .but there was/.; an .implied .repudiation. of thejn." : Private investors were warned:to' personally' •satisfy. themselves..;as ;to. the' bona'. fides : of afforestation; -ventures. Information he liad received; from "Australia suggested that ah endeavour, was being-made to. convey the. jiupresiqii;that the New Zealand 'Government was behind the- A wild and reckless promise, was made which suggested jts .wild cat nature,-and/he would be glad if the 1 Minister of State*. Forest- would, infarrn the House if-he. had any- inside: know ; ledge -regarding some concerns, whidb appeared ,to be^formed more- for'selling shares, and. gathering 'in money for' the promoters- than for any :oth'er .interest, though, there appeared to be no likelihood, of revelations-.for 15 or .20. years. - The position" justified searching inquiry, as. the' good name of "New ■ Zealand-.might become'involved. v v '-. ! " i • . Mr.; Barnard .{Napier) 'suggested'that if a. Government-guaranteed-'affoTestia-i tioii scheme was prbmoted'it would 'safeguard" investors and provide' work Tor .the unemployed, probably at no', cost ito the StateV ■■ - k"• -,' -' ; -'. : ':■ -' '/■ %, ■ Discussion on.'forx'stry, subjects - generally.contiriued.tillthi*'House adjourned. Thus "*he. Hon.; W..' B. Taveruer,. Minister in charge of State Forests;.had no oppor-. tunity. of-dealing with the. matter. /.,: ]l[