DALGETY BUYS CATTLE RUN
Entry Into Farming
(N.Z. Press Assn.—Copyright)
Dalgety and New Zealand Loan, Ltd., has decided to acquire and operate its own pastoral properties in Australia. This is a new venture for the company in spite of its close association for many years with the pastoral industry. Directors say that the decision has been taken as a means of diversification. “It will take the company into an industry closely related to our traditional business and one with which we are already familiar," they say. The first step in this diversification move is the acquisition of a property in Central Queensland. The property is Moray Downs, about 100 miles north-west of Clermont and about 200 miles west of Mackay. It covers 293,000 acres and carried about 5400 cattle. The purchase price at a Brisbane auction yesterday on a walk-out, walk-in basis, was £405,000.
The , company’s general manager for Australia (Mr L J. Parker) said that the purchase represents direct participation of a type long since undertaken by several of its competitors.
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Bibliographic details
Press, Volume CII, Issue 30145, 31 May 1963, Page 15
Word Count
172DALGETY BUYS CATTLE RUN Press, Volume CII, Issue 30145, 31 May 1963, Page 15
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