MURUPARA PAPER SCHEME

Press, Volume LXXXVIII, Issue 26856, 8 October 1952, Page 8

MURUPARA PAPER SCHEME

Arrangements For ' Finance EARLY STATEMENT LIKELY (New Zealand Press Association) WELLINGTON, October 7. The Prime Minister (Mr Holland) hopes to make a fairly full statement on finance for the Murupara pulp and paper-making project before the Parliamentary session ends. Mr Holland announced this in the House of Representatives to-night when replying to questions by Mr A. H. Nordmeyer (Opposition, Brooklyn) during a discussion on the vote on the estimates for forest development. Mr Nordmeyer recalled that after the Governor of the Reserve Bank returned from an overseas tour Mr Holland had said that finance for the undertaking was assured. Since then there had been silence. The House and the country were entitled to know how much money was involved, and from what country, the rate of interest, and the terms of the loan. Mr Holland said that he and other Ministers hoped to be in a position before the session ended to answer these questions. Mr Nordmeyer: Will the House have an opportunity of discussing it? Mr Holland: Of course.

The Prime Minister added that the House would have to sanction the transfer of certain sums to the Tasman Pulp and Paper Company. It was not yet known from what country the money would be obtained, until it was decided what type of equipment was required at Murupara. The parent company had been making very satisfactory progress, and he hoped that the project would not become a political football. The Labour Government had initiated the scheme, and the present Government had lost no time in launching the enterprise, which would save New Zealand the expenditure of considerable dollar sums. The Leader of the Opposition (Mr Nash): Will a bill be introduced this week?, Mr Holland: No, not this week. Mr Nash said that if the bill was not introduced this week there would not be much time left. The Prime Minister said that when it was decided to put a large amount of money into the British Petroleum Company the Labour Government introduced the necessary bill at the last moment. Mr Nash: The difference was that we had the money, and we didn’t have to borrow it.