INDUSTRIAL CONTROL

Auckland Star, Volume LXXIV, Issue 290, 7 December 1943, Page 5

INDUSTRIAL CONTROL

COMPROMISE SCHEME A method of combining the principle of private enterprise with that 01 the Government having an interest was commended by the chairman. Sir \\allei Massy-Greene, at the annual meeting 01 Felt and Textiles of Australia, Ltd., in for extending the company s manufacturing enterprise in South Africa n-a occn made possible by the co-opcration of the Industrial Development Corporation or South Airica, Ltd.. which was formed by the Union Government and had a capital of £5,000.000, he said. Its main object was the encouragement of new ana established industries in South Africa, particularly secondary industries, able to absorb South African primary products. The company s. South Afiican subsidiaries had agreed with the form a new company, Felt end Textiles Africa) Pty., Ltd., capital being contributed oy the corporation and the subsidiaries. The latte* had a major interest and eventually would .acquire the greater . part of the share interest initially issued to the corporation. The objective to be once the industry got on its feet to rcduce the corporation's financial interest to small proportions.