FOREIGN CAPITAL

Press, Volume CII, Issue 30214, 20 August 1963, Page 13

FOREIGN CAPITAL

Economic Role (N.Z Press Assn. —Copyright? MELBOURNE, Augut 19 Risks associated with overseas investments were minor compared with the risks of failure to populate and develop Australia, the Federal Treasurer, Mr H. Holt, said today. The United States, as well as Australia, had found this so, he said. Mr Hott was commenting on a statement by an American trade authority who, in Sydney yesterday, urged Australia to impose some restrictions on foreign investment. Professor J. Ewtng, asso-ciate-professor of international trade and marketing at Stanford University, California, warned that unless rhe flow of overseas capital was regulated “Australia would soon find itself in the same position as Canada — dominated by American interests ’• Mr Holt said Professor Ewing's advice was not followed by the United States which had, throughout its history, placed no restraint on investments from foreign countries The large flow of capital and population to the United Stales bad enabled it to bring ts massive strength in support of the causes of freedom ’through two world w’ars. he said. "No doubt at some stage at its history there were those who pointed to the dangers to the United States from investments from Great Britain; but the United States, as would be the case in Australia, found that the risks associated with overseas nvestm-enits were minor compered with the risks ot failure to populate and develop its country," he said