“DIVERSE N.Z. MARKETS NO HARM TO BRITAIN”

Press, Volume XCVIII, Issue 28822, 17 February 1959, Page 10

“DIVERSE N.Z. MARKETS NO HARM TO BRITAIN”

Any success by the Dominions in diversifying their. markets would not, in the long run, hurt Britain, said Lord Glenconner, chairman of directors of the National Mortgage and Agency Company of New Zealand, Ltdin an interview in Christchurch. “So far as the Dominions can strengthen their position by seeking trade in other directions, that is to the benefit- of both Britain and the Commonwealth,” he said. Sectional interests might, from time to time, feel that their posi-

tion whs threatened, *■ and perhaps. protest/ blit the', long-term effect could only be good. *., <The < basic fact --in ’Commonwealth trade today was .that Britain was now a free trade country, no matter what she had been in the past. “Britain has realised. that the development of multilateral trade, and the elimination, as far as possible, of trade barriers, is the only way in which to expand the total volume of world trade—and that is not only in her interests, but in the interests of world peace,’’ said Lord Glenconner. “She has, however, one reservation, in that she wants to retain Commonwealth preferences. If she had gone into the European Common Market she would have found herself progressing steadily towards freer and freer trade among the members, but would have . had to accept the common tariffs raised against third parties—including other of the Commonwealth. “Impossible Role” “This would have been an im< possible role for Britain to play so long as she hoped to remain the centre of the sterling area,” he said.

However, the ideal behind the common market was well worth while, as it was the first real attempt by the countries of Europe to come together, not only as a trading group, but also politically and socially. “Britain.” he said, “will always work to promote the interests of the Dominions, as far as trade is concerned.’’

In the two weeks and a half he has already spent in New Zealand this time Lord Glenconner has been taking particular interest in land development. He has now covered the North Island.

“The rate of development is at a much higher tempo than seven years ago. when I was last here. It comes as a surprise to a visitor to realise that, in spite of all that has been done by the Government and private agencies, projects now in hand are on a bigger scale than ever before.” Seven years ago he would never have thought that today there would still.be tens of thousands of acres of land awaiting reclamation and development, all of which, apparently, could be converted into first-class farming land. Lord Glenconner has another 10 days in which to tour the South Island, and he will then be leaving for the Argentine, where he is • associated with a British company which has large cattle ranches and other extensive holdings. He will be back in London by mid-March. In Christchurch, a source of special interest and satisfaction to Lord Glenconner was the success of the. merger of H. Matson . and Company With the National Mortgage and Agency Company.