Need For Savings In New Zealand

Press, Volume C, Issue 29513, 15 May 1961, Page 16

Need For Savings In New Zealand

The proven efficiency of New Zealand’s primary industries and the growing diversification of her secondary industries should provide a sound base for continued economic growth and development, the chairman of the A.M.P. Society, Mr C. G. Crane, said at the annual meeting of policyholders in Sydney. The New Zealand economy, like the Australian economy, had recently been suffering from a rundown in overseas reserves and in an economy so heavily dependent upon export earnings this must

necessarily give rise to concern. “However, it is clear that the New Zealand Government is fully conversant with Ute nature and extent of the problems involved and the proposals it has outlined to meet the situation appear to be of a positive and realistic nature." Mr Crane said. Primary Industries “Meanwhile. I feel that the proven efficiency of New Zealand’s primary industries and the growing diversification- of her secondary industries should provide a sound base for continued economic growth and development “This growth must be matched by a continuing and rising flow of personal savings and the Government's action in its 1960 Budget in raising the taxation exemption in respect of life insurance premium payments is fully consistent with the pursuit of such a goal.”