EXCHANGE FUNDS

Timaru Herald, Volume CXLV, Issue 21210, 3 December 1938, Page 7

EXCHANGE FUNDS

DRIFT DEPLORED By Telegraph—Press Association WELLINGTON, December 2. Mr David Henry, vice-president of the New Zealand Manufacturers’ Federation, states that at the conference this week, during the discussion on a motion dealing with the transference of funds overseas, he pointed out that, just as our manufacturers had the liberty to sell 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 the potent power of attractions would be more valuable than the application of restrictive influences, but if the Government considered that the position of the funds was sufficiently critical to justify restrictive measures, he hoped that 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 the further development of manufacturing industries overseas in New Zealand would a great deal to attract capital into industry, and would witness the return of the funds which had gone overseas. Confidence was the chief cornerstone of the industrial fabric, and he felt certain that it would not be lacking when the public was fully informed of the Government’s plans for developing industry.