N.Z. Steel share-sale slated
PA Wellington The Deputy Leader of the Opposition (Mr Tizard) is angry that the Government sold another half-million shares in New Zealand Steel, Ltd. That meant it had sold 1.5 M shares in “this newly profitable company” over the last two weeks, he said. Mr Tizard said that the latest sale of Government shares to private institutions, announced by the Prime Minister (Mr Muldoon), showed that the Government shared the private enterprise belief that “you should capitalise on gains and socialise losses.” It was keen to sell ordinary shares which had recently started to show a dividend, but it continued to hold on to its preference shares which were not popular on the market, he said. “The sale indicates yet again that the Government is prepared to sell off profitable shares, after State activity has ensured that there will be a profit,” Mr Tizard said. “This is a continuation of the policy that saw the sale of B.P. shares by a National Government in the mid--19505. How happy the public would be to have even a small part of those shares today.”
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Press, 9 April 1979, Page 28
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186N.Z. Steel share-sale slated Press, 9 April 1979, Page 28
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