TAKE-OVER BIDS

Press, Volume CI, Issue 29843, 8 June 1962, Page 12

TAKE-OVER BIDS

Legislation If 'Necessary (Parliamentary Reporter) WELLINGTON, June 7. The Government was fully aware of the problem of take-over bids rd was examining legislation in other parts of the Commonwealth, said the Minister of Justice •Mr Hanan) in an immediate answer in the House of Representatives this afternoon to a question by Mr A. H. Nordmeyer (Opposition, Island Bay). Mr Hanan added that if after a full examination it was found that a change in the law was required, legislation would be brought before the House. The Prime Minister (M?' Holyoake) was asked by Mr W. A. Fraser (Opposition. St. Kilda) whether it was the intention of the Government to change its policy to ensure a more accurate taxation forecast in view of the disclosure that an error of £22 million in tax estimates was due mainly to the Government’s “steady-does-it policy.” Mr Holyoake said the Gr •

ernment did not intend to change its policy. Although it was regrettable, there was nothing unusual in the error The Labour Government once made a mistake of £l4 million.

‘‘We don’t intend to change our basic policy, merely the administration, to make still more accurate forecasts.” he said.

Asked by Mr A. J. Faulkner (Opposition. RoskiU.) what the Government intended to do to maintain full employment if adverse terms of trade continued. Mr Holyoake said the Government would not panic and there would be no violent changes in economic policy.

“We will continue with our ‘steady-does-it’ policy, which has seen us through the changes of the last 18 months.” he said.