ECONOMY OF N.Z.

Press, Volume C, Issue 29536, 10 June 1961, Page 9

ECONOMY OF N.Z.

“Over-Reliance On Exports” (N.Z. Pref* Association) AUCKLAND. June 9. If New Zealand was to maintain its present standard of living, it was imperative that it seek further ways of reducing its dependence on the sale of farm produce, the Minister of Industries and Commerce (Mr Marshall) said in Auckland today. The continuation of low prices for some of the country's main exports was of great concern to the Government and to all New Zealanders. Mr Marshall said. There was uncertainty about the future relationship of the United Kingdom with the European Economic Community and the effect this would have on New Zealand trade; but the Government was doing everything possible to ensure that New Zealand interests were protected in its main overseas market. Mr Marshall was officially opening the new Penrose Factory of New Zealand Fibre Glass. Ltd. The new factory. Mr Marshall said, would mean immediate savings of £200.000 a year in overseas exchange and this figure would double as the company developed its markets throughout the country. Where warranted, the Government was prepared to help manufacturers to earn a continuing and substantial share of the New Zealand market. “We recognise.” he said, “that industries with the capability of economic production and future growth should be protected. “We are now giving effect to this policy by bringing out a properly designed and adequate tariff. The tariff will be supplemented where necessary by a flexible system of import licensing.” Mr Marshall said he had no fears about the future of the manufacturing industry in New Zealand. “In the last six months I have been impressed by the quality of New Zealand-made products, by the ability of the workers and by the capacity of factory management.”