N.Z. Nearing “Industrial Break Through”

Press, Volume C, Issue 29643, 13 October 1961, Page 7

N.Z. Nearing “Industrial Break Through”

(New Zealand Press Association)

Oct. 12. Australia and New Zealand were among the fortunate nations of the world; there was a challenging vision of growth and development ahead for both countries, the Federal president of the Associated Chambers of Manufacturers of Australia fMr W. D. Ferguson) said today. Addressing the annual conference of the New Zealand Manufacturers’ Federation, he added: “We can be of mutual assistance in maintaining our respective goals. “Hie need exists for even Strenger bonds between us. “Although Australia and New Zealand are close neighbours we don’t know enough about each other and sometimes one detects a remoteness in our relationships.” Greater advantage should be taken of the opportunities which existed between the two countries for greater trade, investment and tourism. Both Australia and New Zealand were advancing rapidly towards full industrialisation. “No-one would quibble when I say that Australia is further ahead than is New

Zealand in this respect,” said Mr Ferguson. “It is because of Australia’s earlier start, more readily available supplies of basic raw materials and a larger domestic market.” Mr Ferguson said he was aware of the imbalance of trade between the two countries. "To reach a solution we should be prepared to bargain round the table with an open mind and a sincere desire to co-operate.” During the decade of the “fifties” Australia experienced an industrial breakthrough. It was a period of diversification such as might n t be seen again. New Zealand, he suggested, was just on the threshold of its industrial breakthrough. New Zealand had several new industrial projects about to begin and the next decade would see a rapid broadening of the Dominion’s industrial base. “There can be no denial of the proposition that adequate protection stimulates industrial growth,” he said. Expanding imports was a long-term solution to the balance of payments problem.