Guarantee on meat refused
PA Wellington The Government does not intend to give a guarantee to cover a 1987-88 Iranian meat contract, the Minister of Finance, Mr Douglas, has said. However, he has agreed to grant one to the financial institutions providing finance to the New Zealand Meat Trading Company, Ltd, for meat bought by the company to fulfil this financial year’s lamb contract.
In future the industry must arrange its affairs to provide finance on a commercial basis without a Government guarantee, he said. The Government had earlier guaranteed finance for lambs killed up to September 30.
The contract with Iran runs to March 20, 1987, and is for 120,000 tonnes.
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Press, 26 December 1986, Page 2
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112Guarantee on meat refused Press, 26 December 1986, Page 2
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