Surplus Funds For Fishing Loans

Press, Volume CVI, Issue 31169, 20 September 1966, Page 19

Surplus Funds For Fishing Loans

(New Zealand Press Association)

NELSON, September 19.

Contrary to recent claims, there was a surplus of available loan funds waiting for applications from fishermen, said Dr. E. B. Slack, lecturer in applied fisheries at Victoria University.

“There are fishermen at work, and more preparing to work, who have already benefited from the £BOO,OOO mortgage guarantee and supplementary loan scheme set up by the Government last year,” he said.

He made this reply to recent statements that the withdrawal of the 10 per cent investment allowance by the 1966 Budget would have disastrous effects on the fishing industry. “Fish-processing companies have access to finance through the Development Finance Corporation,” he said. “Taxation exemption has been granted on profits earned on increased exports, and export market development costs are deductible at the special rate of 150 per cent.

“The industry throughout the country benefits by the application of accelerated depreciation allowances on all plant and equipment. This year the provision was extended to all plant and equipment purchased up to March 31. 1968.” Dr. Slack said he hoped no more irresponsible and damaging statements would be made that could prejudice the interests of the many small

investors who had contributed towards the £7-mil-lion expansion of the fishing industry since January, 1965.