“Britain Keen To Share In New Zealand’s Development”
(New Zealand Press Association)
WELLINGTON, Dec. 20. Britain’s interests as an exporting country were linked with the prosperity of its customers, Sir Norman Kipping, directorgeneral of the Federation of British Industries, said today. He said British industry did not feel, in any sense, to be opposing the progressive industrialisation of Australia and New Zealand; but, in fact, would like to share in it with capital and “know-how.” This was proved by the fact that of the £9 million of foreign capital invested in New Zealand over the last nine years, two-thirds was from Britain. Britain recognised that when a country got into balance of payments difficulties severe measures were needed. There had been a perfect understanding of New Zealand’s difficulties in Britain, and pleasure that they seemed to be coming to an end. Britain was in extremely good shape and very prosperous. “It is very easy to see what enorm.ous benefits obtained from bring-
ing inflation to an end. We have stable prices and even falling ones in some directions,” he said. “We are completely dependent on our exports, and since we have no natural resources, dependent on scientific and technological leadership. We have succeeded in this in very many directions.” Expressed in terms of productive capacity, Britain had a little less than 10 per cent, of that of the Western world. However, it got about 19 per cent, of the world’s markets. Western Germany, with the same capacity and same share of the markets, was Britain’s most serious competitor. There wa# some competition from Japan, especially in the textile business. British textiles used to total 50 per cent, of its exports. Today it was about 3 per cent. At the same time, the industry was still prosperous. It was widely recognised in British industry that it was in the interest of employer and employed alike to make the utmdst use of automation, because it lowered costs and prices, and increased demand, so leading to greater prosperity. In broad terms, that sentiment would be subscribed to by the British labour force.
Many countries in the world were hungry for capital, and New Zealand was certainly one of them, he said. New Zealand had been very successful in the competition which prevailed. Australia attracted a little more than its strictly pro rata share, but as New Zealand grew, and became a more attractive market, investment should accelerate. The federation of which Sir Norman Kipping is head speaks for some 45,000 firms throughout Britain.
Sir Norman Kipping, who is accompanied by Lady Kipping, is in the course of a trip embracing Ceylon, India, Australia, Canada, and the United States.
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Bibliographic details
Press, Volume XCVIII, Issue 29083, 21 December 1959, Page 16
Word Count
445“Britain Keen To Share In New Zealand’s Development” Press, Volume XCVIII, Issue 29083, 21 December 1959, Page 16
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