Shipping Line ‘Uneconomic’
Investments in merchant ships for international trade were unlikely to be economic for New Zealand, said the World Bank report tabled in the House of Representatives. Large-scale shipping operations required a high investment of capital and employed, mainly non - skilled labour, said the report. New Zealand had limited domestic capital and, to invest in ships, would have to increase external borrowing. Wages for New Zealand non-skilled labour were likely to be higher than on the ships of many other maritime nations. The bank concludes: "Such shipping lines are most likely to be unprofitable, because any apparent balance-of-pay-ments savings would probably be smaller than the balance-of-payments costs of the shipping facilities and capital servicing.”
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Press, Volume CVIII, Issue 31724, 6 July 1968, Page 18
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116Shipping Line ‘Uneconomic’ Press, Volume CVIII, Issue 31724, 6 July 1968, Page 18
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