Fishing Industry May Be First

Press, Volume CIV, Issue 30768, 4 June 1965, Page 1

Fishing Industry May Be First

(New Zealand Press Association)

WELLINGTON, June 3. The fishing industry was likely to be the first assisted by the new Development Finance Corporation, said the Minister of Industries and Commerce (Mr Marshall) at the corporation’s inaugural meeting of the board of directors today. Mr Marshall said the New Zealand fishing industry had not been developed because of lack of finance.

The corporation directors can expect many applications for financial assistance from sections of this industry, he said. Mr Marshall said he had already received preliminary inquiries from people interested in the corporation’s work.

“I have, of course, told them that I have no authority in the corporation and that inquiries and applications must be forwarded to you,” said Mr Marshall. The Minister said legislation existed to protect the corporation while it was establishing itself. “Because of the special provisions, the corporation might be able to help projects that otherwise might have difficulty borrowing finance,” said Mr Marshall. He said many worthwhile projects could be turned down for finance by other sources, or charged a high rate of interest because they held an element of risk. One of the difficulties confronting the directors would be to decide what projects were worthy of assistance.