“Good Transaction”
GV.Z. Press Association) WELLINGTON, October 21. The Government would be “very reluctant’ ’to interfere in such a transaction as the recent transfer of shares between J. Wattie Canneries Ltd. and the Australian firm, Henry Jones Ltd., the Minister of Finance (Mr Lake) said in Parliament today. Mr Lake had been asked by Dr. A. M. Finlay (Opposition, Waitakere) if an earlier in-
troduction of the .Reserve Bank Bill—introduced in Parliament last Friday—would have affected the transaction. Mr Lake said the Government had not yet formulated rules which would precisely control overseas investment. Mr R. J. Tizard (Opp,, Pakuranga) asked if any increased profits by the New Zealand company would be reflected in the pay-out to the Australian company. Mr Lake said this was true to an extent, but it was also fair to assume that Watties would be paying out less in dividends that was previously the case when the Australian firm totally owned the four food companies concerned.
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Bibliographic details
Press, Volume CIII, Issue 30578, 22 October 1964, Page 3
Word Count
161“Good Transaction” Press, Volume CIII, Issue 30578, 22 October 1964, Page 3
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