U.K. Industrialist On Visit

Press, Volume CV, Issue 31041, 22 April 1966, Page 17

U.K. Industrialist On Visit

“I am troubled about New Zealand and its attitude towards Great Britain at the moment,” said a British industrialist, Mr G. E, Macpherson, of' Nottingham, in an interview in Christchurch.

His firm, Geoffrey E. Macpherson, Ltd., is engaged in the textile and engineering fields, and has an annual turn-over of £2 million. Mr Macpherson, who is also president of the Nottingham Liberal Party, has unsuccessfully stood for Parliament in Britain three times. Substantial Assets Mr Macpherson thought that New Zealand should be informed that Britain had substantial assets still. “We have enormous assets, through investments—through British investments all over the world,” he said. “We have HI.OOO-millicn of overseas assets, which is considerably more than any debts. And our income per annum from this is at least £6OO-million. “It is true that on our current account, we have a deficit.” Mr Macpherson said that he had come to New Zealand primarily to licence someone to manufacture his mobile cranes and fork-lffts under licence. The import licensing policy of the New Zealand Government compelled him to examine manufacturing here. Mr Macpherson said that the New Zealand Government had been giving permission to

various Industries to manufacture, and this manufacture was frequently not economic. “The New Zealand Government has entered into so many commitments, that it is very difficult for it to reverse

the policy and now the New Zealand economy is becoming distorted by this policy,” said Mr Macpherson. Flax Industry Mr Macpherson said that he had heard about the New Zealand flax industry. “You are using sacks for packing of bales of wool which are costing much more than the world market price for a comparable product,” he said. Mr Macpherson said he was agreeably surprised at the prices of goods in New Zealand shoijs, having in mind the wages' that were paid. “I think your New Zealand pound would buy. in New Zealand, as much or more than would the British pound in Great Britain.” he said. “I’d say that Great Britain is one of the cheapest countries in the highly-developed nations of the world today. * “If you take Europe, only Holland compares with Great Britain in prices.” Mr Macpherson said that considering New Zealand was a protected market, it was very good to see that the public were not being exploited with high prices. Exploitation very frequently followed a protected market. He said he was disappointed not to find a “live Liberal Party in New Zealand, like the radical Liberal Party of Great Britain.” DECIMAL CONVERSIONS Decimal currency will be introduced in New Zealand in July, 1967 Recommended con version rates are as follows:

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