P.M. Confident Of Economic Growth

Press, Volume CII, Issue 30080, 14 March 1963, Page 14

P.M. Confident Of Economic Growth

(New Zealand Press Association) AUCKLAND, March 13. The Prime Minister (Mr Holyoake) said in Auckland today that he was confident the present decade would prove the decade of the greatest economic growth New Zealand had ever known. “It has just got to be, with our population expansion,” he said.

Mr Holyoake was speaking at the opening of a new £500,000 factory at Avondale for Reckitt and Coleman (New Zealand), Ltd. “I feel too often that people have not caught this dream, have not sufficient imagination,” he said. “Our economy is soundlybased, well-balanced. With imagination and drive we can plan and work for increased progress, production and expansion, and improved conditions of employment.” Mr Holyoake gave an assurance that the Government would continue to do everything possible to provide a setting favourable for continuing economic growth. Mr Holyoake described the new factory as an important example of industrial planning and initiative. He said he had been .told it would produce more than £1 million worth of goods a year. Commenting on the firm’s move from the South Island, where it has previously had its main factory, the Prime Minister said: “It is a good move economically, but I am not sure that it is a good thing socially. One is not so very happy about the acceleration of this general move north but I suppose it is an inevitable one.

“Today we are making great efforts to expand our production and particularly our exports. “We must never lose sight of the fact that expansion of manufacturing of this kind in New Zealand, which saves previously-expended overseas funds, does achieve the same object as increasing exports. “The activities of this company are a classical example of the benefit of overseas investment in this country.”