OVERSEAS CAPITAL

Press, Volume CVIII, Issue 31783, 13 September 1968, Page 20

OVERSEAS CAPITAL

4 No Increase In Ownership’ (N.Z. Press Assn—Copyright) CANBERRA, Sept. 12. The Australian Treasurer (Mr W. McMahon) has said he did not think there had been an increase in the number of take-overs of Australian companies by overseas corporations. He was replying in the House of Representatives to a question by a Country Party member about a press statement that there had been a trend for international companies to take over Australian companies, or to retain controlling interests in them. Mr McMahon said: “Australia is naturally one of the most attractive places for international investment because prospects in this country are unequalled in any other part of the world.

“I do all I can to bring home to foreign corporations the desire of the Australian people and Australian Government that our participation should increase," he said yesterday. Later, Mr McMahon told an Opposition Labour member, Mr F. Crean, that he would take prompt action if claims that foreign companies were allowed to own a number of Australian life offices were true. Mr Crean said Australian insurance companies were not allowed to have equity ownership in other Australian companies, but foreign insurance companies could own Australian insurance firms. Mr McMahon promised to investigate.