N.Z. Whisky Decision Awaited

Press, Volume CVII, Issue 31440, 5 August 1967, Page 1

N.Z. Whisky Decision Awaited

(N.Z. Press Association) DUNEDIN, Aug. 4. A decision on the future of whisky production in Dunedin is expected to be announced next week by the chairman of the Wilson Malt Extract Company, Ltd. (Mr J. L. T. Braithwaite).

Wilson Malt was originally granted a provisional licence to distil whisky, but the experiments in making whisky have been done for the last 18 months by Investigation Distillery, Ltd. The investigating company has until next Monday, August 7, to exercise an option it has on 75,000 unalloted $1 B shares in Wilson Malt unless the directors of Wilson Malt extend the time. This option was given when the investigating company agreed to meet all the costs of experimental production. If it is successful in producing a suitable whisky, Investigation Distillery can take up the option on the Wilson Malt shares, but if the investigating company is unsuccessful and cannot produce

an acceptable whisky, then it will bear the full cost of the experiments. The decision whether the whisky made in Dunedin is acceptable rests with the three directors of the investigating company, who themselves have no financial interest in the company. It is being financed by three Dunedin brothers, Messrs L. C„ C. 8., and C. D.

Baker. They were prepared to invest up to $75,000 on the experiments. Today Mr Braithwaite said that a decision on the venture would probably be announced on Tuesday, but he would not comment on a sudden burst in the trading of Wilson Malt shares at the afternoon call on the Dunedin Stock Exchange.

Altogether, 900 Wilson Malt shares changed hands in five sales at the call and, another 100 were sold later. The selling price was $1.76 —the highest price for the $1 par value shares since the whisky experiment began, when they sold at $1.20. Closing quotes today were buyers $1.75, sellers $1.77.