DAIRYING DEBT
Ward Favours Repayment (N.Z. Press Association) HOKITIKA. April 12. The Canterbury-West Coast ward of the Dairy Board tonight agreed to proposals to pay off the existing £3 million debt to balance the dairy reserve account. “We should do as we do in our private affairs—pay off our overdraft,” said Mr M. Wallace (Westland). Mr Wallace said Sir Andrew Linton, chairman of the Dairy Board, had said the guaranteed price had gone overboard, and the industry had to stand on its own legs, balance its budget and pay off the debt when it could. “I feel we are under a commitment to do so. The deficit should be paid off and the balance distributed as the board sees fit,” he said. Sir Andrew Linton told the meeting that if the cheese and butter prices remained constant the board would have a credit of £7m in its account at the end of the year. “This is the opportunity to do it. If we don’t we will create a bad impression throughout the country. The industry has never been in a better position. If it doesn’t pay now when would it?” he said.
I The meeting agreed to the (proposal with two dissenting | votes.
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Bibliographic details
Press, Volume CIV, Issue 30724, 13 April 1965, Page 18
Word Count
203
DAIRYING DEBT
Press, Volume CIV, Issue 30724, 13 April 1965, Page 18
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