Mr Nordmeyer Advocates Greater Rewards For Skill

Press, Volume XCIX, Issue 29222, 4 June 1960, Page 14

Mr Nordmeyer Advocates Greater Rewards For Skill

(New Zealand Press Association)

HAMILTON. June 3. New Zealand had slipped behind other countries of the world by her failure to recognise the value of expert and professional knowledge toward building the nation through sustained material and economic growth, said the Minister of Finance (Mr Nordmeyer) in Hamilton last night. He was addressing the Junior Chamber of Commerce.

There was too small a margin allowed in the reward between skilled and unskilled labour. New Zealand had to face the need to “pay for her brains,” he said. If New Zealand was to take advantage of her resources and potential to improve her economic position she must be prepared to risk something. Industries beginning here, cotton for example, might affect some traditional primaryproduce trade, but they would compensate by trade gained in new areas with new products as well as the present produce, he said. “The future development of New Zealand cannot possibly depend on one or two industries, aluminium for example, but on a very wide range of goods and services for the public of this country,’’ said Mr Nordmeyer.

Many people had recognised the traditional British markets were reaching saturation point as far as some New Zealand primary produce was concerned. “To counter this it is imperative that steps be taken to open new markets —even at initial losses,” Mr Nordmeyer said. “We rely too much on primary products for our economy. We should ensure promotion of local industry, adequately safeguarded and growing in efficiency, which will enable us to export to countries who. hitherto, could not afford to buy our products.” It was desirable to foster industries which, as with those associated with forestry, relied upon New Zealand’s natural resources.

“We must face up to the paying of adequate rewards to men who carry heavy - responsibility,' said Mr Nordmeyer. “If we are to develop as a nation we must endeavour to see that those who risk capital and are prepared to venture will have an adequate reward,” he added. “The Russians are outstripping the West in economic expansion because they are prepared to forego a large measure of consumption which might be theirs. “It ‘is imperative we be prepared to set aside an increasing amount of funds now being earned to get stability and avoid vulnerability to overseas price fluctuations.”