Interest In N.Z. Bakeries By Overseas Firm

Press, Volume CIII, Issue 30367, 17 February 1964, Page 13

Interest In N.Z. Bakeries By Overseas Firm

(New Zealand Press Association)

WELLINGTON, Feb. 16. Take-overs of New Zealand bakeries by overseas interests are discussed by the Committee of Inquiry into the Wheat, Flour, and Bread Industries. But for the control of milling, says the committee’s report, overseas interests would establish here more rapidly, taking a large part of New Zealand milling and baking concerns. The problem is one for Government policy, affecting not only milling and making but other industries is well.

Although the Bakers’ and Pastrycooks’ Federation had no considered opinion on the take-overs of bakeries either by local or overseas firms, two bakers told the committee they thought take-overs should be controlled. “Evidence to the committee disclosed that a large qver-

seas organisation has acquired baking interests in several countries, including New Zealand,” says the report. “Milling enterprises have also spread to other countries. In Australia miller-baker combinations now handle a large proportion of the trade, and that same organisation has steadily increased its share of bakery ' organisations. “There are indications that overseas milling concerns have looked into the possibility of entering New Zealand. Were it not for the present control over milling, it could be expected that overseas milling interests would establish here, taking over a large part of New Zealand nulling and baking concerns. One overseas organisation has been established in New Zealand for about 10 years, in Auckland and Wellington.”