SHIPS FOR PRODUCE.

Taranaki Daily News, 23 September 1921, Page 8

SHIPS FOR PRODUCE.

THE 00-OPEBATIVE LINE, HOW THE SCHEME IS TO BE FINANCED. DETAILS ANNOUNCED. Christchurch, Sept. 21. Mr, W. J. Polson, Dominion president of the Farmers’ Union, to-day gave the following details of'the proposed co-operative shipping line scheme:—

(1) A board of mercantile shipping with all the powers of a company is to be formed for the purpose of providing refrigerated and other tonnage for overseas shipping to and from New Zealand.

(2) That the capital of the company be provided (a) by contributing from farm produce in New Zealand, such contributions to be proportiohal to the value of the following classes of produce: (1) All stock put through freezing works; (2) all wool clipped and aliped; (3) all pelts, tallow and animal by-products produced at freezing works; (4) all butter and cheese produced by factories; (5) all flax produced. (b) By the Government subscribing annually an amount equal to the total of such coLtribution.

(3) The contribution received and the Government subscription is to be considered the capital stock of the board and scrip shall be issued to growers, freezing companies, dairy farmers, flaxmillers, etc., and the Government for the amount paid by each and dividends to be paid on this scrip when earned by the board. (4) Any fixed loan approved ly the Minister to be guaranteed, by the Crown and raised as a Government loan.

(5) The Mercantile Shipping Board to be so constituted that each organisation, body and association contributing shall receive representation on the board proportionate to the amount paid to the board by such organsation, body or association, computed up to the end of each financial year.

(fl) The Mercantile Shipping Board to be given powers analogous to those possessed, by hospital boards, the board in each year to estimate the financial requirements of that year for the costs of administration, interest on fixed loans, overdrafts and other capital expenditure, rents upon charters, reserve funds and sinking funds, the board also (subject to an appeal to the Minister) to have power to fix the proportion of the whole moneys required by it in any year which is to be found by the various products mentioned in clause 2. The board also to be give power to fix the contribution, which upon the estimated output for the year, will produce the proportion of the whole sum for each particular industry required by the board.