ATTRACTION OF CAPITAL

Poverty Bay Herald, Volume LXV, Issue 19803, 3 December 1938, Page 13

ATTRACTION OF CAPITAL

NEED OF DOMINION TN D UST RT A L EXP A NSTON RESTORING CONFIDENCE (Per Press Association.) WELLINGTON, this day. Mr. David Henry, vice-president of the New Zealand Manufacturers’ Federation states that at the conference this week during a discussion on a motion dealing with the transference of funds overseas, he pointed out that as our manufacturers had the liberty to sell their goods where they secured the best returns, it seemed illogical for them to deprive investors of the same freedom of action and, for that reason, he opposed the particular motion referred to. His view was that money should be attracted into New Zealand and equally attracted to remain here, and that a potent power of attraction would be more valuable than the application of restrictive influences, but if the Government considered that the position of the overseas funds was sufficiently critical to justify restrictive measures, he hoped these would be purely temporary. In common with every other person who was proud of New Zealand, he deplored the drift of money from the country and his own view was that an announcement by the Government of the details of the plan for further development of the manufacturing industries in New Zealand would do a great deal to attract capital into industry and witness the return of funds which had gone overseas. Confidence was the chief cornerstone of the industrial fabric and he felt certain it would not be lacking when the public was fully informed of the Government’s plans for leveloping industry.