‘More U.S. Investment If Nixon Elected’

Press, Volume CVIII, Issue 31830, 7 November 1968, Page 16

‘More U.S. Investment If Nixon Elected’

New Zealand could expect a greater inflow of American capital if the Republican candidate, Mr Richard Nixon, won the presidential election, Mr F. A. Mayes, an American insurance executive, said in Christchurch on Tuesday.

Mr Mayes said Mr Nixon had, during his campaign, expressed strong opposition to the restrictions imposed by the present Administration on the flow of American capital abroad. “If Mr Nixon follows the policy he has declared there will be greater American interest In New Zealand,” Mr Mayes said.

Mr Mayes is president of the American Foreign Insurance Association, which owns the Hartford Fire Insurance Company and is a major shareholder in the recentlyformed Monarch Life Insurance Company and Monarch Fire. The life company is

40 per cent New Zealand owned. Mr Mayes said the injection of Arrierican capital into New Zealand would be an important part of the future development of mineral resources, petroleum, and petro-chemicals. The tendency would be for United States businessmen to pool their resources in any venture. They would be interested in seeing the development of the tourist Industry by supplying capital for hotels and motels.

Mr Mayes said he understood the attitude of the New Zealand Government in not wanting large tracts of land or offshore islands falling into the hands of foreign owners. “But it would be a great pity if people outside New Zealand were prevented from buying property at all,” he said. The recent statement of the Minister of Lands (Mr Maclntyre) on the question of foreign ownership did not clarify the point.