U.S. FINANCIER REASSURES N.Z.

Press, Volume CV, Issue 30982, 11 February 1966, Page 1

U.S. FINANCIER REASSURES N.Z.

f.Vetr Zealand Press Association> WELLINGTON, February 10. Britain will enter the Common Market—but New 7 Zealand won’t be left holding the bag, says one of America's top financiers.

“You’ll be okay. I’m certain of that. Nobody is about to sell you out,” Mr George S. Moore, president of the First National City Bank, New York, said in Wellington today.

Mr Moore is also a member of President Johnson’s Balance of Payments Advisory Committee, a director of several giant corporations, and chairman of the International Chamber of Commerce's international monetary relations committee. "Britain will enter the Common Market, sure, but not as a full partner.” he said. “My own view is that she will go in as an associate, and she won’t be forced to drop her trade with you people. 1 don't for one minute think she will allow New Zealand to come to any harm. “And don’t forget the United States has a big stake in this thing, too. As far as we're concerned New Zealand has our support.” Most Dynamic Mr Moore said he thought of New Zealand and Australia as among the world’s most dynamic and successful democracies. “We’ve got to look to people like you New Zealanders and your role in the world,” said Mr Moore. Mr Moore has been in New Zealand three days. “I’ll be quite frank,” he said. “1 came here because I didn’t know too much about you, and it became important to find out. “Many of my bank’s clients are big businesses interested in foreign investments and some of them have come to

us and asked, ‘What about New Zealand?’ “We have to be In a position to tell them what’s what. So far I've been impressed— I’m going to recommend that my banks put out an economic study of New Zealand, something really constructive. “At the moment the United States has restricted the amount of money that companies are allowed to take out of the country for foreign investment but I’l put New Zealand on the highest priority. “You're a sound, ambitious, go-getting country'—and. very important you have integrity. “It doesn't bother me in

the least that you want Amer- i lean investors to have only a minority interest in whatever businesses you let them into here. “I wouldn’t have that attitude about a lot of countries, I might tell you. I’d be worried about who my majority partners were. No Worries “But I’d have no such worries about New Zealand. “1 think there’s room for United States investment in this country without upsetting the way you want things to be; we could invest in a way that was consistent with your policies. “And. in fact, I admire you for wanting to preserve the country you have without undue overseas interference. “There’s nothing wrong with that. That’s sound thinking.” said Mr Moore.