SUCCESSFUL INVESTMENT YEAR

Northern Advocate, 8 December 1936, Page 7

SUCCESSFUL INVESTMENT YEAR

DESPITE CHANGE IN GOVERNMENT

LSpectaz zo "Northern Advocate."] AUCKLAND, This Day. In his annual address to the Auckland Stock Exchange, the chairman, Mr John Frater said the year had been satisfactory, despite problems caused by the international situation and the local change of Government. Hb referred to the dangerous trend in legislation and regretted that the Government had increased taxation, while those in other countries were reducing it. He commended the Industrial Efficiency Act, provided it did not unduly interfere with the existing sound industries. Dealing with the alleged flight of capital from New Zealand to Australia, he said that the suggestion that this had taken place through the Stock Exchange had little or no foundation.

Actually, investors were loyal, and if two similar propositions were placed before them by a broker, one a New Zealand investment and the other an Australian, they would almost invariably choose the local one.

Mining Industry.

Dealing with the mining industry, he said it had little encouragement from past Governments and was apparently getting no better treatment from the present. The business in this section had been small, and it was regrettable that the iniquitous gold tax was still in operation. Dealing with the trend of investments in the past year, Mr Frater said there had been less dealings in Government stocks, due to the fact that, with the improved conditions, more money was being invested in industrial enterprises. He appealed for fair treatment for the present Government, giving them credit for their fairness to investors regarding the pur- | chase of Reserve Bank shares.