CAPITAL FOR EMPIRE

Poverty Bay Herald, Volume LXIII, Issue 19138, 6 October 1936, Page 2

CAPITAL FOR EMPIRE

‘‘EYES ON AUSTRALIA” ECHO OF FOREIGN LOSSES SYDNEY, Sept. 17. Investors in Great Britain are taking an increased interest in the Kinpirn countries, because of the heavy 7 losses on British investments in foreign countries, in comparison with the losses -on money placed in the British Dominions. In explaining this fact in a luncheon address to members of the Millions Glnb yesterday, the secretary of the Associated Chambers of Manufacturers, Mr. L. Wit-hall, said that there was reason to expect a marked change in the attitude of British investors—at the expense of foreign countries. During his recent, visit to England, Mr. Willia.il accompanied the Premier of New South Wales, Mr. Stevens, to various industrial centres. By taking the Australian viewpoint rather than that of ;niv State, Mr. Stevens had made a. profound impression on British industrial lenders and investors, said Mr. Withall. Kwn in Italy and in Germany file people had developed a close knowledge of Australia, and its people.

The genera! impression overseas was that Australia had passed the depression stage, and that a new era of industrial expansion by British capital, with an increase in migration, was imminent. The opportunities in Australia for training British youths in technical schools to” fit them' for industry were recognised. „„ LOSSES IN 50 YEARS

The losses of British investors in foreign countries during the last 50 years, when about LI ,250,000,000 had been invested, were another factor which was making British investors turn 1 heneyes In tiie Empire colonies, where British investment, during the some period had amounted to only £800,000,000, said Mr. Withal!. Of the money invested' in foreign countries, £200.000,000 had been irrevocably lost, while the losses in Dominion conn tries had been negligible in comparison-. , Mr. Witliall also mentioned the industrial activity in England, especially in the building'Trade, brought about by the building of workers’ homes to replace si mil areas. In England dele,nee works had been responsible for great industrial activity, especially m the building of aircraft. He had been informed that fighting •planes capable of maintaining a speed of 4CO miles an hour and flying so silently that thev could pass about 700tt. overhead without being heard, would be His trip had impressed on. him that the Australian business man was not alone in the disadvantage of having to comply with varying industrial and other‘laws in the different States. In England there were local Government bodies with much the same powers as the Australian Slates, and there was a consequent clash of authority. The president- of tho Millions Club. Sir Arthur Rickard, in thanking Mr. Wit-hall for bis address, said that Sydney was suffering a marked, shortage of cottages suitable for workers. It seemed that the Government would have to take up Ibe .matter, as had been done in England, where the housing authorities bad loaned np to £135,000,1.00 for building or homes. The shortage in Sydney was in bouses the rents, ot which ranged from 12s 6d to 2os a week.