VICTORIAN FREEZING WORKS LOSE £l00,000.

Star (Christchurch), Issue 18189, 23 June 1927, Page 9

VICTORIAN FREEZING WORKS LOSE £loo,ooo.

STATE GOVT. TO COVER CO-OPERATIVE WORKS’ HEAVY DEFICIT. By Telegraph.—Press Assn.—Copyright. Aus. and N.Z. Cable Association. (Received June 23. 10.25 a.m.) MELBOURNE. June 23. The losses suffered b-*’ the four Victorian co-operative freezing companies at Ballarat, Bendigo Murtoa and Donald will throw a burden of about £IOO,OOO this year upon the State Government. This amount is in respect of guarantees given by the Ministry to the banks against losses by the companies. The companies now owe the Ministry between £300.000 and £400,000, and have lost all the capital invested in the concerns. The Minister for Markets is calling a conference of meat producers to consider the proposals of the Federal Government for the reorganisation of the export meat trade. The proposals aim at securing assistance for the stockowners of the Commonwealth and placing the industry on a better footing by the appointment of an Advisory Board in each State to replace the Meat Council, which ceased functioning a couple of years ago. New South Wales, Victoria and West Australia have approved of the scheme. Other States are still considering it, but it is hoped to bring the new organisation into life before the close of the year.