DEVELOPMENT OF INDUSTRY
Government Move Welcomed
(New Zealand Press Association) WELLINGTON, May 6.
“This is certainly a step in the right direction, and on behalf of my federation I would like to thank the Minister of Industries and Commerce (Mr Holloway) for bringing forward such a far-seeing plan,” said Mr C. Rex Moore, president of the New Zealand Manufacturers’ Federation, commenting today on the establishment of an industrial development fund by the Government. Mr Moore said there were many worth-while existing industries that could be expanded, and many new ones that could be established to save overseas funds and increase exports.
“But parallel with this important move must come similarly realistic action by the Minister of Finance,” said Mr Moore. “The financing of development within this country must be made possible on a long-term basis. Present company and dividend taxation and the retention tax all militate against adequate investment in industry. “It is to be hoped the Government will correlate the internal policy for development with the overseas provision now established by adopting tax policies to make it easier for New Zealand industries to finance desirable expansion.”
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Bibliographic details
Press, Volume XCVIII, Issue 28888, 7 May 1959, Page 6
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187DEVELOPMENT OF INDUSTRY Press, Volume XCVIII, Issue 28888, 7 May 1959, Page 6
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