Ansett shares
Sir, —Eighteen months ago heavy losses forced Newmans Air (“New Zealand’s Pride”) to look for rescue. In spite of warnings of over-capacity, the Government gave permission to Ansett of Australia to come in, taking 50 per cent ownership of an expanded airline. Brierleys took 27.5 per cent and Newmans 22.5 per cent. The then Minister of Aviation said that, to protect New Zealand’s essential interests, the new airline must be “essentially a New Zealand company” and that foreign ownership could be no more than 50 per cent. Profits appear to be as elusive as ever. Newmans and Brierleys now want to pull out and the Government has given authority for a 100 per cent takeover by Ansett Australia. Growing foreign ownership-of hotels, tour companies and airlines is siphoning off more and more of the profits tourism was supposed to bring to New Zealand. Why is New Zealand being sold off? Whose interests is the Government really protecting? — Yours, etc., G. B. TULLOCH. February 22, 1988.
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Press, 24 February 1988, Page 18
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167Ansett shares Press, 24 February 1988, Page 18
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