PURCHASE OF MILL
Auditor Gives Figures
(N.Z. Press Association)
WELLINGTON, July 11
The Audit Office had accepted an undertaking from the Prime Minister to introduce legislation to validate the acquisition of the shares in the Commonwealth Fabric Corporation, said the annual report of the Controller and Auditor-General (Mr A. D. Burns) tabled in the House of Representatives today. The shares were bought in February and other commitments had been honoured as they fell due. The part-cost of the mill buildings, storage and shipping charges amounted to £33,857. Overseas costs were partlyfinished machinery and cancellation of orders, £89,406. compensation for loss of services of directors and staff. £25.099, and shares purchased £495,049. The total of £643.411 was reduced by £195,455, the cash held by the company in London, which left net expenditure at £447,956. A senior Treasury official had been appointed to control the affairs of the company and its winding-up.
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Bibliographic details
Press, Volume CI, Issue 29872, 12 July 1962, Page 12
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150PURCHASE OF MILL Press, Volume CI, Issue 29872, 12 July 1962, Page 12
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