Dispersal Of Milk Board Funds

Press, Volume CVIII, Issue 31765, 23 August 1968, Page 14

Dispersal Of Milk Board Funds

of funds held by the Christchurch Metropolitan Milk Board was discussed at a meeting between the board and representatives of local authorities yesterday.

The disposal of the funds amounting to more than $50,000 has to be decided because the board will be taken over by the New Zealand Milk Board on September 1. Representatives of the Christchurch City Council, Walmairi, Paparua, and Heathcote counties and Rlccarton borough met the beard in closed session. The biggest single amount

of money for disposal is the good will trust account, which contained $48,515 at the end of the financial year. This money comprises contributions by vendors to compensate other venders whose rounds were reduced by industrial expantion. In recent years the account moved heavily into credit because of the vast expansion of residential areas.

The other funds for distrjbutton are contained in the current account whteh amounted to 82783 at the end of the financial year. One representative of the Milk Board was understood to have favoured giving the funds to Lincoln College for research.

Mr W. V. Cowles, the chairman of the board, said last evening that disposal of the funds had to have the complete agreement of all participating local bodies, so it would be prertatute to discuss any allocation. The board was charged with a fair and equitable proportion of funds among local bodies, he said. This could take some months.