“Sea Products Being Made Special Case”

Press, Volume CVIII, Issue 31784, 14 September 1968, Page 14

“Sea Products Being Made Special Case”

(New Zealand Preu Auoeiation) NELSON, September 13. The Government is prepared to consider New Zealand Sea Products (Export), Ltd, as a special case for foreign investment, the National Wholesale Fish Merchants’ Association believes, according to its president, Mr R. S. Morris, of Timaru.

In a telephone interview today Mr Morris said the association understood the Government was prepared to permit more than the present maximum of 25 per cent of overseas capital to be invested in Sea Products, if no other New Zealand company was prepared to take over the Nelson fishing firm.

Yet within the last 12 months another company with Japanese interests was refused permission when it sought similar overseas financial participation in excess of 25 per cent, said Mr Morris.

Japanese and German concerns were interested in investing capital in Sea Products.

He said the association was critical of the Government approving Sea Products getting any special consideration for overseas capital. 12-mlle Limit

It would negate the recent protective legislation for a 12mile fishing limit The Japanese had agreed to fish outside this limit from 1970 but if they gained control of a New Zealand company they would be able to work fishing boats registered in this country anywhere they wanted. Though New Zealand registered, they would be owned I by overseas interests. It would open the door for them to fish anywhere they wanted

off the New Zealand coast instead of being kept outside the 12-mile limit. Also, if Sea Products was treated as a special case no other New Zealand fishing company would automatically get the same opportunity for assistance. The Fish Merchants’ Association objected on both counts, said Mr Morris.