Alliance calls for more bank funds, import controls

Press, Volume CXIV, Issue 33706, 2 December 1974, Page 23

Alliance calls for more bank funds, import controls

( \cw Zealand Press Association) OAMARL*. Reserve Bank ratios to trading banks should be reduced to enable more bank finance to be available to essential industry and exporters, and import controls, particularly of luxury items, and of goods capable of local production must be reinstated, the chairman of Alliance Textiles, Ltd, (Mr W. R. Jackson) said at the annual meeting.

Mr Jackson also said that! wage increases mu.st be( linked to productivity increases. and export in-1 centives should be liberalised. “As surely as buoyant conditios come to an end, so better time.. would in due course return. “We plan to continue to equip our factories with modern plant capable of competing with the world’s best manufacturers, and in particular to concentrate on ! the manufacture of products: based on indigenous materials.

[are compatible provided our : economy is not wrecked byi rampant inflation and unso-; ciable wage demands. “In this respect, we have) to rely on our Government; to take the necessary steps; to contain inflation and; strengthen the economy, i Regrettably these steps have! not been taken.” he said.

“The carpet-wool projects ( in which w’e are heavily in-; volved have proven export; capability, while some of! our other products are 1 already established in export! markets.

“We shall continue to develop these, at the same time servicing the local market with a New Zealand product, substantially produced from indigenous material and which compares favourably in quality and in price in substitution for imports,” said Mr Jackson. In this way Alliance was making its effort in the drive to reduce New Zealand’s serious balance of: payments deficit position, i and to provide employment,; he said.

“As I see the situation, in the sort of economic and political climate in which we operate, the company has to consider how it can contribute to the wellbeing of our fellow men through new and improved products, how it can improve conditions of employment and contribute to the New Zealand economy, and how it can increase rewards for shareholders,” Mr Jackson .said. “These three objectives