Social Credit warning on overseas investment
(New Zealand Press Association)
PALMERSTON NORTH, May 20.
New Zealand must learn to use its own credit resources to the greatest extent possible for necessary industrial and commercial development, Mr B. C. Beetham, the leader of the Social Credit Political League, told the league’s annual conference in Palmerston North today.
“No Government has any moral right to allow the ownership of New Zealand assets to pass into the hands of speculating parasites from overseas,” said Mr Beetham.
"Their only interest in New Zealand is the financial
killing they can make, and
they have no concern whatsoever for the welfare of our citizens.” Mr Beetham said that he had predicted that by 1974 the "sell-out” of New Zealand to overseas interests would be "well nigh complete.” “First came the Labour Government’s supposedlynew and restrictive guidelines on January 13 for foreign invc -tment in New Zealand. "On examination, these did not differ significantly from those operated by the National Party, and under that Government New Zealand was treacherously sold out to an unprecedented extent, said Mr Beetham. JAPANESE MISSION "Ominously associated with the I abour Government's guidelines, a mat of welcome
unnecessary 27-man Japanese security mission, representing the biggest financial and investment houses in Japan,” he said. The Minister of Finance (Mr Rowling) had said that New Zealand was not interested in further
i overseas investment at present, but he had not taken positive steps to discourage the mission, said Mr Beetham. O.E.C.D. MEMBERSHIP "Unless the Labour Government has been treading with extreme care over the terms of full New Zealand membership of the Organisation for Economic Co-operation and Development, it could simply finish up aiding and abetting the further and rapid sell-out of New Zealand to overseas speculators,” said Mr Beetham. “A basic condition of full membership, not easily negotiated away by a small country like New Zealand, seeking full membership rights, is to allow the purchase of member countries’ assets by international fin-
was unrolled for a totally
ancial interests. "In the case of New Zealand, major Japanese and Australian finance houses have already surveyed the New Zealand economy and recommended heavy investment in the near future,” said Mr Beetham.
Social Credit warning on overseas investment
Press, Volume CXIII, Issue 33230, 21 May 1973, Page 2
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