FLIGHT OF CAPITAL

New Zealand Herald, Volume LXXV, Issue 23200, 21 November 1938, Page 14

FLIGHT OF CAPITAL

Sir. —Tii an article on November*! 4 you take Mr. Bernard, Speaker of tho House of Representatives, to task, be- t cjuisc he oondpmns as traitors people who invest their capital ..outside New Zealand. You ask would Mr. Barnard! also brand as traitors those who take their labour or ability abroad—their capital—in the hope of getting a better return for it. . I would like to point out that in one case; the man himself has left New Zealand.; in the other case the man is still in New Zealand enjoying all the privireges in.ono of the most prosperous countries in tho British Empire. ■ In the Herald of November 4. it is reported tharthe-Mayor of Auckland, Sir Ernest Davis, in welcoming delegates to the annual con-' ference of the Associated Chambers of Commerce, expressed surprise that capital was leaving New Zealand.: I am surprised at this, he said, because New Zealand remains as good a country as ever, and is, in my judgment, still tho best investment for local capital, which supplies the arteries of commerce and industry with their very life blood. He further went on to sar that any man had the right to transmitmoney to the destination of his choice providing, of course, he call of patriotism to go unheeded?: We must admit Sir Ernest Dans'to be a sound business'man, with nothing to gain when he made the remarks about capital leaving New, Zealand. Wo cannot expect the Government to, change their views $n what they cont : sider best, in the interests of all, for the sake of a few people who are-not loyal enough to invest their surplus; capital here. These people are doing more ' barm •to New Zealand than all the labour laws that have been passed by •our present Government. The Government is .in for another three years. We may not agree with the Labouf policy, but the fact remains that the people who are sending their capital outside New Zealand for investment are doing _Si great injustice' to the more loyal investor, who is prepared to make do with a little less interest and invest his capital here, and do. his best to help things "along', although he may have strong opinions against our.; Labour friends. H. Sxabkie.