N.Z. WOOLPACKS

Evening Post, Volume CXXX, Issue 17, 19 July 1940, Page 5

N.Z. WOOLPACKS

BUYING SHARES

GOVERNMENT'S INTENTION

Details about the Government's proposal to buy shares in New Zealand Woolpacks Ltd. were given by the Minister of Finance (the Hon. W. Nash) in reply to the Rt. Hon. G. W. Forbes (National, Hurunui) in the second reading' debate on .the Finance Bill in the House of Representatives last night. Mr. Forbes asked for information about the company. "What is the position of the company?" he asked. "During my Government's term of office a large sum of money was advanced to it. The company was tied up and the capital was very nearly lost.; Is the Minister buying the company or has it vanished and the work being carried on by the mortgagee? On what terms are you going to -take it over, and what are the Government's intentions?" Mr. Nash said that the company would still hold its capital. The Government was to have two appointees I on the board of directors, and no decisions would be carried out without the approval of the two Government directors. "I hope that the Government taking a closer interest will result in the making of a reasonably good pack," remarked Mr. Forbes. Mr. Nash earlier explained it was proposed to put £200,000 into the com-

pany to enable the industry to expand so that ultimately all the woplpacks needed by the country would be made in New Zealand. In reply to Mr. W. J. Poison (National, Stratford), Mr. Nash said that 'in 1939 some wool people in' England had told him that they were the best packs they had received.