DRIED MILK PLANTS

Gisborne Herald, Volume LXXIV, Issue 22445, 27 September 1947, Page 8

DRIED MILK PLANTS

£IOO,OOO_CAPITAL ENGLISH GROUP’S OFFER HIGH PRICE TO FARMERS (P.A.) AUCKLAND, Sept. 26. An offer to provide £IOO,OOO capital to establish dried milk factories in New Zealand has been made by a group, of financiers. They are prepared to erect factories, install machinery and pay producers twice the price for buttermilk they received at present. Shipping to transport the finished product to the' United Kingdom is available,. according to the promoters, who are prepared to continue the arrangement for a period of 20 years, when the position will be reviewed. Announcing the offer at a meeting of the Auckland branch of the New Zealand Dairy Factory Managers’ Association, Mr J. Murray, Dominion secretary, said the proposal was made by an English visitor. Major A. Read, who represented several British financial interests He returned by the Rimutaka on Saturday. The promoters were eager to establish the industry here, said Mr. Murray. They wanted to achieve a factory output of not less than 1500 tons a year, and were prepared to pay for butter-, milk on the basis of 6 1- for every ton of butter manufactured instead of 3/a ton as at present. He considered the suggestion augured well for the value of dried milk for human consumption. From conversations he had with Major Reid, Mr. Murray said, he understood that the British investors had decided tc devote their future attentions to a British Dominion where their capital would always be of value to them instead of foreign countries. A lot of capital which had been invested in countries like the Argentine add Brazil was practically worthless today. Although belated, the project was prompted by that realisation.