Trades Unionists Not Big Investors

Northern Advocate, 3 June 1939, Page 3

Trades Unionists Not Big Investors

l Per Press Association.—Copyngfy:.] WELLINGTON, This Day.

According to reports in the't city, the more financial trade unions did not invest very heavily in the .Government’s internal loan. ■ ”■

Controlling fairly large filitcls, many of these organisations were keenly interested in the project, but the limited time available made it difficult to assemble executives to take the necessary steps, in addition to which the majority of trades union funds are already soundly invested.

Some of the older-established industrial organisations in New Zealand are in a very sound financial position, but many new unions, as a result of compulsory unionism, baVe built up quite sizeable assets. ‘T ■ The surpluses have always been carefully invested, and the combined ''

financial resources of the industrial organisation- in the Dominion would probably total up to an impressive

figure. . ' ( ' Of the older organisations, the New vZealau,d Union, the'.New Zealand Waterside Workers’ Federation, the New Zealand Seaments Union and the Amalgamated Society of Railway Servants have large investments in New Zealand undertakings. The Amalgamated Society of Railway Servants have, according to its last balance sheet, £25,000 invested in harbour board debentures and New Zealand Government inscribed stock. Approximately 60 per cent of this organisation’;? assets is invested in Gov* eminent or local body debentures, -i-