Comalco Agreement
Sir, —I understand that aluminium is to be smelted in England, using atomic power —no Manapouri required. Comalco needs inducements at our expense to have its works at Bluff. Aluminium is sold at a world price. If New Zealand users are given a concession, Japanese and Australian users may want similar terms. Their investors will also want their normal dividends. With these costs, and also with the increased price of electricity, it is quite possible that Comalco will have little income taxable in New Zealand At the first stage the tax will not pay our interest. During the 99 years of the agreement, changes are inevitable, but we are given no protection against them, even if all are adverse to us. The Government has no better prospect of protecting New Zealand interests against adverse factors not allowed for than the famous Mrs Partington had with her broom trying to sweep back the Atlantic Ocean.—Yours, etc., ARTHUR LUSH. July 10, 1968.
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Bibliographic details
Press, Volume CVIII, Issue 31729, 12 July 1968, Page 10
Word Count
162Comalco Agreement Press, Volume CVIII, Issue 31729, 12 July 1968, Page 10
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