20 OCTOBER
THE NEW ZEALAND GAZETTE
2763

independence of the Radio Waikato station from the newspaper group because, quite apart from the provisions of section 80 (i), we have found it is desirable in the public interest to avoid in the Waikato area the possibility of control of the local private radio station by IPL.

7. Editorial independence in the presentation of news can be preserved while obtaining the advantages of association with a large organisation. A wider gathering and presentation of news would be possible with some avoidance of unnecessary duplication and expense but competition would continue as to which medium would be first with the news on a particular matter.

It is possible to establish editorial independence in the presentation of news within segments of a large organisation. However, editorial independence is also dependent on economic and financial policy exercised by the directors. A decision to make either the newspaper company or the radio station more profitable by cutting editorial budgets may leave editors little independence in deciding the extent and variety of news which they will be free to present.

At present there appears to be no doubt that the radio station is completely independent editorially from the newspaper company. It is however naive to expect the Tribunal to regard competition in matters of news to be confined to deciding which medium would be the first with the news on a particular matter. This battle would seldom be won by the newspaper company as was conceded by Mr Paterson under cross-examination by counsel for Radio Avon.

The evidence does not convince the Tribunal that the association of a radio station and a newspaper company will result in significant avoidance of unnecessary duplication and expense.

The two media are significantly different. The presentation of news is quite different and although as between other competing media some of the sources of news may be similar, in the local area which is most significant it is essential that competition should be maintained for the benefit of listeners in the Waikato area.

As INL policy was expounded to us editors are given complete editorial freedom after appointment. There is of course the question of the appointment of the editor. An editor has to be selected in the first place. It seems desirable to us that the editors of the radio station and the newspaper be selected by different people and without regard to the benefits for a large newspaper group as a whole.

8. Radio New Zealand would benefit from having strong private enterprise competition in Hamilton. It would ensure high standards of broadcasting in the Waikato area.

Competition for Radio New Zealand should not be in any way limited, restricted or fragmented. The Tribunal does not consider the increase in the shareholding of Radio Waikato by IPL would have any effect on the performance of Radio New Zealand in Hamilton.

It was submitted in opposition to the application that section 81 (4) restricts amendments to warrants to those “which in the Tribunal’s opinion are necessary in the public interest.” The Tribunal does not accept that interpretation of the section. The phrase quoted clearly refers to the addition of new terms and conditions.

The situation with Radio Waikato is an unusual one. The full court specifically reduced the 35% limit fixed by the former Broadcasting Authority to 30%.

Convincing reasons for increasing the shareholding of IPL have not, in the view of the Tribunal, emerged from the hearing. Such a change would not be in the public interest.

The application is therefore declined but the public condition is amended to refer to issued capital. It will therefore read:

“The total shareholding by a news company, as defined by the News Media Ownership Act 1965, whether as beneficial owner or otherwise and whether by one or more such news companies in Independent Broadcasting Company Limited shall not exceed 30% of the issued capital of the company.”

Dated the 6th day of October 1977.

B. H. SLANE, Chairman.

Notice Under the Regulations Act 1936

Pursuant to the Regulations Act 1936, notice is hereby given of the making of regulations as under:

Copies can be purchased from Government Publications Bookshops—Housing Corporation of New Zealand Building, Rutland Street P.O. Box 5344), Auckland 1; Barton Street (P.O. Box 857), Hamilton; Mulgrave Street (Private Bag), Wellington 1; World Trade Center, Jubacade, Wellington 1; Rutherford House, Wellington 1; 130 Oxford Terrace (P.O. Box 1721), Christchurch 1; T. and G. Building, Princes Street (P.O. Box 1104), Dunedin. Prices for quantities supplied on application. Copies may be ordered by quoting serial numbers.

E. C. KEATING, Government Printer.

RESERVE BANK OF NEW ZEALAND

STATEMENT OF ASSETS AND LIABILITIES OF THE RESERVE BANK OF NEW ZEALAND AS AT THE CLOSE OF BUSINESS ON WEDNESDAY, 5 OCTOBER 1977

8 October 1977.

E. D. VALLANCE, Chief Accountant.