Board Control Of Meat Fund

Press, Volume CVI, Issue 31093, 23 June 1966, Page 1

Board Control Of Meat Fund

(New Zealand Press Association) WELLINGTON, June 22. Federated Farmers want the control of interest of the £45 million Meat Industry Reserve Account taken from the Government and placed solely in the hands of the board.

The interest on the account was approximately £2 million a year, Mr L. A. P. Sheriff, deputy-chairman of the board, told the conference of the meat and wool section of Federated Farmers in Wellington today. The interest is at present under the joint control of the Government and the Meat Board. A remit from Waikato and Auckland wanted the Meat Board to take necessary steps Ito obtain complete control of the fund. It also asked the Meat Board to seek an assurance from the Government that the fund belonged to the producers.

The remit was amended to read: “The conference strongly reaffirms the belief that the Government should place the control of interest or the Meat Industry Reserve Account in the hands of the Meat Board.”

The amendment was carried by 32 votes to 27. 'Mr A. C. Begg, vicepresident of the Federated Farmers, spoke against the original remit and said it was unwise for one organisation to have control of such a large amount. There should be two bodies to act as trustees. The move to give the board control would be dangerous. I He said it was the age of take-over bids and any organisation with £45 million in assets was open to such bids. I He suggested that a slight to the Meat Act could enable the Government Ito do just that

He wanted the conference to leave the matter as it stood or to propose an alternative trustee in place of the Government.