INVESTMENT OF CAPITAL

Grey River Argus, 23 October 1936, Page 4

INVESTMENT OF CAPITAL

Adverse Affect OPINION, OF STOCK EXCHANGES WELLINGTON, October 19. An authoritative statement he Im I received from the Stock Exchange Association of New Zealand repudiating any suggestion that the legislation of tho Government, was having a detri mental effect on the investment o‘.‘ capital in the Dominion, was referred to by the Minister of Industries and Commerce (the Hon D. G. Sullivan) during the committee stages of the Industrial Efficiency Bill in the House of Representatives yesterday afternoon.

The Minister said that to suggest that money was leaving .the Dominion was detrimental to the” interests of the country. The effect of the letter he had from the Stock Exchange Association was to repudiate definately that suggestion, and members ought to welcome that statement and be immensly pleased that the position was not as they thought it was. So far as the administration of the Bill was concerned it was going to be in line with the Government’s general policy. Its first duty was to its own people and then to Great Britain, which was the Dominion’s best customer. He hoped that no more, would be heard of the suggestion that British manufacturers were to be discriminated against and that drastic things would be done io their interests.

The amendments would provide for the elimination of the industrial committees and people would be placed on the bureau to originate the plans, and before the Minister ratified a plan, a vote of the industry would be taken.

Mr S. G. Holland (National, Christchurch North). Does any adverse vote mean no plan? The Minister replied that an adverse vote would mean no plan, but he though that circumstances would arise where in the face of an adverse vote, a plan ought to be adopted. As a result of the amendment, however, what would have to be done in such a case was that special legislation would require to be passed dealing with that industry. The normal procedure was that where a plan had been formulated’ for an industry it would be submitted to that industry to vote upon.