HELP FROM BRITAIN.

Hauraki Plains Gazette, Volume VL, Issue 3132, 9 February 1934, Page 3

HELP FROM BRITAIN.

SCOPE FOR INVESTMENT.

In an address the other day Mr F. C. Goodenotfgh, chairman of Barclay’s

Bank, remarked that though much had

been done by Britain to assist the Dominions and dependencies to arrange

their finances, he thought that Empire trade might best be fostered by finding capital for future development to mutual advantage. This we take it means that private British capitalists should interest themselves in enterprises in the Dominions and supply money for their development, says the Taranaki Herald. An example of this on a large scale is the proposed establishment of chartered companies to develop and settle large areas in Northern Australia. These schemes, however, require large capital and are of a somewhat speculative nature, owing to the difficulty of finding profitable markets for the chilled beef and other exports that may be produced. In this country there is not scope for large undertakings of this description,

and we must look rather to British manufacturers taking an interest in our secondary industries and putting them on a better basis. Several New Zealand firms have been linked up with English ones, to the mutual benefit of both we may hope, and this process might be extended. No one can believe that our woollen industry is in a satisfactory condition. Some of the goods produced here are excellent, but the prices are unreasonably high and yet the profits made by most firms do not seem excessive. Our mills are too small and produce too many types of goods. In the worsted trade in Bradford topmaking, spinning and manufacturing are different businesses, but here all mills seem to carry on the whole process from the fleece to the finished article. Dr Marsden recently suggested that it might be well to have one top-making establishment for the whole of the mills here. It is possible that English capital might assist in this direction and put our whole woollen industry on a more satisfactory basis. Co-operation to produce economically the type of article suited to the Dominion would be of - great value.