Speculators all at sea

Press, 9 June 1978, Page 3

Speculators all at sea

One of the fastest ways to lose money in New Zealand today is to buy a fishing boat, if the purchaser lacks experience, Mr M. T. Gaffaney, supervising appraiser of the Rural Bank, told commercial fishermen yesterday at their conference in Timaru. Mr Gaffaney said investor interest in the industry in the last 12 months had been very high, a marked contrast to times as recent as 1975. “Interest has come from individuals and companies, often of some substance, but with no previous ex-

perience in the industry. The Rural Bank has had many requests for assistance from such investors, but all have been declined,” he said, according to the Press Association. The Rural Bank was very worried about the high prices being paid for older boats, he said. The would-be fisherman was buying into the industry at its peak and was likely to have grave problems if the fortunes of fishing declined. Rural Bank loans to the fishing industry increased from 51.46 M in 1975-76 to 57.95 M in 1977-78.