INDUSTRIAL INVESTMENT

Press, Volume CI, Issue 29829, 23 May 1962, Page 12

INDUSTRIAL INVESTMENT

More To Go To “Necessaries”

"Another injustice to the South Island,” said the Prime Minister (Mr Holyoake) of the natural gas discoveries in the north when he spoke at the Canterbury Chamber of Commerce dinner in his honour last evening.

“It opens up exciting possibilities and is the most exciting thing that has happened to New Zealand since the discovery of refrigeration in the 1880’s.” This, and such industries as the establishment of a basic iron and steel industry now in prospect—“investigations are being carried out in a proper fashion’’—would require a tremendous amount c-f capital, he said. This would be for the industries themselves and the ancillary work on roads, hospitals. housing and schools.

“We must increase our rale of economic development. We are dropping behind. In the short term we cannot say just that this is wonderful country for growing grass," said Mr Holyoake. “In the past we have perhaps applied too much of our capita] to desirable rather than necessary industries, and there has not been enough conscious effort to channel investment into the most productive fields. “There is now a new era and there must be a new concept. Economic planning is necessary. It is for a greater freedom. It is to show you the way things can be done." The Prime Minister said he would welcome recommendations from businessmen. “The lists are open. We need new ideas, new thoughts. “I have utter confidence that we shall surmount any of the problems before us and believe that the years ahead hold nothing but opportunity.”