OVERSEAS FUNDS
“Level Still Too Low”
(NZ. Press Association) HASTINGS. March 12.
New Zealand's overseas reserves were still not at a safe level the Minister of Industries and Commerce (Mr Marshall) said in Hastings today.
But. he said the Government’* policy had been *uccesaful in reverting the rundown in overseas exchange. Mr Marshall said the year ended last December showed a surplus of £2.6 million on New Zealand's current overseas exchange transactions. This compared with a corresponding deficit of £525 million in 1961, and £23.8 million in 1959.
Mr Marshall, who was opening a Hasting* factory, said the Government intended continuing to give priority to plant and raw materials in the allocation of import licences.
“By obtaining ae much plant and raw materials as possible, we are making a long-term investment in the economy.” he said. This investment would yield dividends in the form of increased consumer good* from local manufacturer*.
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Bibliographic details
Press, Volume CII, Issue 30079, 13 March 1963, Page 16
Word Count
151OVERSEAS FUNDS Press, Volume CII, Issue 30079, 13 March 1963, Page 16
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