Govt approves sale of farm to Americans

Press, Volume CXII, Issue 33001, 22 August 1972, Page 19

Govt approves sale of farm to Americans

(New Zealand Press Association) WELLINGTON, August 21. Government approval has been given to the acquisition by American interests of Koiri Farms, Ltd, Taumarunui, the Minister of Lands (Mr Maclntyre) said today.

Before approval was given under the Overseas Takeovers Regulations, however, a close examination was made, said the Minister. It was established that the proposals also complied with the act governing the acquisition of land by overseas interests. The property had been on the market for several years before the application for purchase was first made, in 1970. The applicant proposed breeding cattle for export to Indonesia, and was able to establish that he had suitable markets there. Mr Maclntyre said that the breeding programme had been fully investigated. In addition to its export poten-

tial, the production of the breed in New Zealand seemed of value, as it had certain meat characteristics which were highly desirable. The purchaser had also, at a Government request, given a written undertaking that he would sell to the Crown strips of land on the banks of the Wanganui River suitable for reserve purposes. The purchase of New Zealand farmland could be approved only if certain factors would be of benefit to the country, said the Minister. In this case the Government was satisfied that the benefits were sufficient to justify approval.