SALT INDUSTRY

Otago Daily Times, Issue 27093, 30 May 1949, Page 4

SALT INDUSTRY

DOMINION PROJECT NEW COMPANY FORMED STATE AS SHAREHOLDER PA WELLINGTON, May 29. The Minister of Industries and Commerce, Mr Nordmeyer, announced on Saturday that arrangements have been made for the development of the salt works at Lake Grassmere, in Northern Marlborough, by a company called Dominion Salt, Ltd., the capital of which would be subscribed jointly by the Crown and by Skellerup Industries, Ltd. The capital- of the new company will be £300,000, of which 150,000 ordinary shares will be held by Skellerup Industries and 150,000 preference shares by the Crown. There will be seven directors, four appointed by the ordinary shareholders and three by the preference shareholders, one of the latter to be chairman. Mr Nordmeyer said the Government had been interested in the production of salt in New Zealand since the inception of the scheme. The opinion of a world authority, Professor W. L. Badger, of the United States, had been secured and was favourable. Professor Badger had anticipated a production of 25,000 tons a year in a few years time, rising to 50,000 tons within 20 years and possibly reaching 75.000 tons or more. A logical development, Professor Badger had reported, would be an initial production of coarse commercial salt followed by the production of refined salt and later such products as caustic soda, etc. Mr Nordmeyer said the industry should be able to compete on favourable terms with overseas supplies.