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Joint statement with the Premier of Victoria

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FOR PRESS 10 March 1978


The Prime Minister, Mr Fraser, and the Premier of Victoria, Mr Hamer, today announced that their respective Governments had agreed to guarantee a commercial borrowing by Co-operative Farmers and Graziers Direct Meat Supply Ltd (C.F. & G.) of

$9 million. The guarantee is to be provided on a 50-50 basis by the two" Governemnts.

The guarantee will ebable C.F. & G. to raise a commercial loan of $9 million which, together with other funds, will enable the Co-operative1s creditors to be paid.

C.F. & G. has been in the hands of the Receiver since 1975. The Brooklyn Abbattoir, its principal asset, is in the process of being sold.

The Directors of C.F. & G. have indicated that with the aid of the guarantee they will oppose the sanctioning of the proposed sale by the Supreme Court of Victoria.

The Co-operative is presently trading profitably and neither Government thought it desirable that it should be forced to go into liquidation. Both Governments are confident that the Co-operative will continue to trade profitably and will trade

itself out of its past problems.

The Brooklyn works are one of the largest and most modern in Australia.

Both Governments are anxious that it continues to operate profitably and in the overall interests of the industry.

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