M.P.s See Minister On C.F.M.

Press, Volume CIX, Issue 31894, 23 January 1969, Page 1

M.P.s See Minister On C.F.M.

(N.Z. Press Association)

WELLINGTON, Jan. 22.

The pro]K>sed takeover of Canterbury Frozen Meat Company, Ltd, by Waitaki Farmers’ Freezing Company, Ltd, again occupied a central position today.

While the Minister of Agriculture (Mr Taiboys), met a I deputation of five South Island members of Parliai ment, the general manager of ‘ Waitaki (Mr J. Neilson) spent more than an hour with the I Minister of Finance (Mr Muldoon). Later, Mr Neilson had a meeting with the Minister of Transport (Mr Gordon), who is also a South Island member of Parliament.

Questioned by reporters after seeing the deputation,

Mr Taiboys said he could not guarantee he would have all the information required before the Cabinet met next week.

Top Officials

Asked if the Cabinet was divided on the issue, he said: “I don't know any issue on which everyone has an identical .view.” This afternoon, Mr Taiboys conferred with top officials in the Agriculture Department and Treasury. The deputation comprised three Opposition members— Sir Basil Arthur (Timaru), Mr P. Blanchfield (Westland), and Mr M. A. Connelly (Riccarton)—and two Government members—Mr H. J. Walker (St Albans) and Mr R. L. G. Talbot (Ashburton). There was an apology from Mr R. M. Macfarlane (Lab., Christchurch Central). The meeting was arranged by Sir Basil Arthur, but individual, not group, submissions were made. Sir Basil Arthur said later that he had emphasised the need for better statutory ! machinery and procedures to i investigate take-over bids;

the Minister had said he would look into this. Sir Basil Arthur said he also proposed calling a meeting or meetings to be held in the Canterbury area to which he would invite all interested parties including members of Parliament, representatives of Federated Farmers, the Meat and Wool Boards, and freezing company staff. After his meeting with Mr Muldoon, Mr Neilson said: “Surely reason will prevail rather than sentiment and emotion.”

He could not envisage any form of compromise arrangement with C.F.M.

Mr Neilson said he had put to the Minister some of the prime facts of the case. These concerned past, present and future capital expenditure and the financing of the cash element in the offer to C.F.M. shareholders which would have a net saving result in total capital expenditure.

He said he had also outlined the advantages of operating four works and marketing the products of four works under one management.