TASMANIAN LOTTERY

Press, Volume XC, Issue 27308, 26 March 1954, Page 8

TASMANIAN LOTTERY

PREMIER REPORTS ON N.Z. AGREEMENT (N.Z. Press Association—Copyright). HOBART, March 24. The agreement between the New Zealand and Tasmanian governments included the understanding that they should apply to any other lottery that might be licensed in Tasmania, the Tasmanian Premier (Mr R. Cosgrove) told the House of Assembly last night. In reply to a series of questions, Mr Cosgrove divulged the heads of the agreement between the New Zealand Prime Minister (Mr Holland) and himself, and the conditions precedent to any offer the Victorian Government might make to Tasmania on lottery tax revenue.

He said the stage was not reached where any definite amount was mentioned, but the lower and upper limits referred to in the discussion were 15 to 25 per cent, of the total lottery tax collected by Victoria.

The Premier said that the heads provided for an agreement in the form of an exchange of letters between Mr Holland and himself, the agreement to operate for fiye years from, say, April 1, 1954. and be subject to the right of renewal.

The Tasmanian Government was to pay to the New Zealand Government 6d for every 5s ticket on all money subscribed in New Zealand to Tattersail’s, payment to be made quarterly on the certificate of the Tasmanian Treasurer. The New Zealand Treasury was to have the right to inspect the records of Tattersail’s with respect to New Zealand. The Tasmanian Government was to be permitted, as at present, to repatriate to Australia its tax proceeds accruing in New Zealand. Tattersail’s was to be permitted to transmit to Australia its 10 per cent, proportion of current investments in New Zealand. With respect to the existing accumulation of Tattersall’s funds held in New Zealand (about £400,000) the Tasmanian Government was to undertake to exercise its best endeavours to persuade Tattersall’s to invest money in the current New Zealand loan with the right to remit the interest regularly to Australia, and on maturity of the loan to repatriate the principal sum.