JAPANESE MISSION “Thorough study” for investment in N.Z.

Press, Volume CXI, Issue 32531, 15 February 1971, Page 2

JAPANESE MISSION “Thorough study” for investment in N.Z.

(N.Z.P A.-Reuter—Copyright)

TOKYO, February 14.

Japan must make a thorough study of “racial sentiments and local financial needs” in South-East Asia, New Zealand, and Australia before making future industrial investments, said the leader of a Japanese financial and investment mission to that area, today, according to the Associated Press.

The remark was made by Mr T. Morinaga on return from a 27-day

tour of 10 countries in Oceania and South-East Asia, sponsored by the Japanese Foreign Ministry. Mr Morinaga, who is president ot the Tokyo Stock Exchange, told reporters that expectations were high, in the countries they had visited, for greater Japanese economic co-operation. On future Japanese industrial investments in■ South-East Asia and Oceania, Mr Morinaga said there was i a need to search for projects 1 that would contribute to the i export trade of such coun- :

tries and best serve as a source of raw materials. - Shipping conference

Representatives of eight Japanese, Australian and British shipping firms will meet in Tokyo next month to discuss container cargo Japan-Australia route, said

Kawasaki Kisen (K-Line) yesterday. These shipping firms are • members of the Australian and New Zealand Eastern ' Shipping Conference and the 1 Australia North-bound ShipI ping Conference. ! The meeting will take place in Tokyo for three days, ■ starting on March 2, K-Line i said.

Shipping sources in Tokyo said that discussions would be concentrated on a proposal of Eastern Searoad Service (E.S.S.) to operate

one more roll-on roll-off container ship on the route in co-operation with a group of three Japanese shipping lines.

E.S.S. is organised by Japan’s K-Line, Australian National Lines (A.N.L.), and Flinders Shipping of Australia.

The sources said that the Japanese trio—Nippon Yusen Kaisha, Yamashita-Shinnihon Line, and Mitsui Osk Line — had been asked by E.S.S. to build the container ship at the Japanese firm’s expense. Sendees

E.S.S. has been using three roll-on roll-off container ships, making three sailings a month, while the Japanese trio, under a spacecharter agreement with the Australia - Japan Container Line (A.J.C.L.), are shipping a weekly service on the route.

Sources said that E.S.S. wished to operate weekly services on the route employing one more container carrier.

However, E.S.S.’s share was too small to operate four carriers with its own. Sources said that E.S.S. hoped to take the fourth carrier in the future when E.S.S. gained enough shares.