Financier Hits At Controls

Press, Volume CIX, Issue 31941, 19 March 1969, Page 16

Financier Hits At Controls

(New Zealand Press Association)

AUCKLAND, March 18.

The fantastic economic growth rate forecast for Australia during the next decade, would not be echoed by New Zealand unless there were fewer financial controls here, said Mr H. L. Thomas, deputy chairman of the Finance Houses Association.

He has been attending an international seminar in Sydney with 370 leading world industrialists, financiers, businessmen and politicians.

Mr Thomas said that most speakers, from the Prime Minister (Mr Gorton) down, had said there was a need for both private and public investment to exploit Australia's vast mineral resources and boost trade with the Pacific Basin area and in Asia. The Prime Minister invited

foreign investors to become partners with Australia in their industrial development, a partnership based not on legislative compulsion, but on co-operation. “If investors, both local and overseas, were given the same freedom in New Zealand they would be able to play a similar part in boosting agriculture and other export production,” said Mr Thomas. “Since the re-introduction of Capital Issues Control two years ago the activities of finance houses have been seriously slowed down in New Zealand’s economic growth.” With relief from Capital Issues control, the finance houses could provide necessary finance for increased production in those export industries providing overseas exchange, he said.

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Buy Sell Ist N.Z. Unit .. ..76 80 N.Z. Incom. ..55 59 N.Z. Accum. .. .. 101 105 Investors r .. 61 65 Sec. First 118 113 First Dorn. ... ... 51 Second Dom. . 61