Wool Topmaking Study Approved

Press, Volume CIX, Issue 32114, 9 October 1969, Page 1

Wool Topmaking Study Approved

(New Zealand Press Association)

WELLINGTON, October 8.

The Government will set up an investigating company to determine the feasibility of establishing on a large scale a wool topmaking and carded sliver industry, particularly for the export trade.

Approval for this is contained in a finance bill introduced in Parliament today which gives the Government power to investigate the further development of the carded sliver and topmaking industry. The bill was given a first, reading. In a statement outside the House, the Acting Minister of Industries and Commerce (Mr Shelton), said that the new company would have duties similar to those of the former New Zealand steel investigating company which carried out the feasibility studies

prior to the establishment of the iron and steel industry at Glenbrook.

The share capital of the new investigating company would be subscribed by the Government, which would appoint a small number of directors to carry through the investigation perhaps with the assistance of consultants. The directors would report to the Government on the world demand for crossbred tops and carded sliver, the capital cost of establishing the industry, its optimum size, the number of plants desirable and their location.