Take-over Legislation "Absurd And Stupid”

Press, Volume CIV, Issue 30738, 30 April 1965, Page 12

Take-over Legislation "Absurd And Stupid”

<Neu- Zealand Press Association)

WANGANUI, April 29. The manner in which the overseas take-over regulations had been forced on New Zealand last year was hot i a stir and stupid,” the vice-president of the Associated Chambers o Commerce, Mr G. E. Stock (Wellington) said at the annual conference today.

The situation would have never have developed had it not been for an overseas bid to take over a newspaper which had strong favour for the Government, he said. “The regulations were forced on us by a certain set of circumstances. It was emotional. It was ridiculous,” said Mr Stock. When the chambers had discussed the matter with Mr Muldoon, Under-Secretary of Finance, he had said the Government would not introduce such regulations, Mr Stock said. “If they wouldn't, why was

it put down in black and white?" The conference was considering a remit from the Hutt Valley chamber which said that in the absence of any real evidence as to whether or not the regulations were necessary, that the Government should be asked to make more information ■ available on the implications , of existing and future overseas investment and take- ’ overs in New Zealand. The remit was amended, and passed, in the form that I the Government should be asked to make more information available on the likely 1 effects of existing and future overseas investments in the country and the conditions under which future investments would be welcomed.