INTERNAL MARKETING

Otago Daily Times, Issue 23333, 27 October 1937, Page 10

INTERNAL MARKETING

PURCHASE OF PICOT BROS. CIRCUMSTANCES EXPLAINED iFhom Oub Parliamentary Reporter) WELLINGTON, Oct. 26. The circumstances surrounding the purchase by the Government of the firm of Picot Bros for use in its Mchemes of internal marketing were the subject of comment by the Minister of Finance (Mr W Nash) in hi? reply to the Budget debate in the House of Representatives to-night Mr Nash said the purchase was made while he was absent from New Zealand. The Government had arranged for a thorough investigation to be made by a thoroughly qualified and competent accountant, by the chad of a department of State with a more than ordinary knowledge of business procedure, and by a leading official it. the Public Works Department These three look into consideration all the assets of the business, and he personally was satisfied that the price paid was lower than the sum which the proprietors of the business would have received had they formed it into a limited liability company "When these three officers reported, said Mr Nash, "the figures were analysed by the Treasury and at thai point the Government made the purchase. The remarkable success achieved by Mr Picot in organising the local marketing scheme alone justifies everything the Government has done in the matter."