Overseas Investment

Press, Volume CVI, Issue 31094, 24 June 1966, Page 10

Overseas Investment

Sir, —The report today that Americans have been permitted to buy up land in New Zealand arouses intense indignation in many quarters, and I feel I must raise my small voice in support of Federated Farmers and young farmers’ clubs who have already protested. In the South Island very many young men strongly desire to buy land but the price has risen so high that they are prevented from doing so. They would glady take up undeveloped land if they could obtain tenure at a reasonable price. This Government has made the situation still worse by limiting the possibilities of borrowing money. The fact that it also permits overseas interests to buy that which New Zealanders feel is their heritage is nothing short of shameful. I have been a National supporter for over 40 years but will no longer be so in the future. This Government is selling New Zealand to America. For which nation does it stand? —Yours, etc., M.G.H. June 21, 1966.

Sir—Many New Zealanders who are disturbed to learn of the Government’s willingness to allow the sale of 62,000 acres to American interests will be in full agreement with your correspondents, “Not Another Yankee” and Shirley M. Ross. It is appreciated that the area to be sold is rugged and will require much work with heavy machinery j to bring it into production, but surely with so many young men wanting farms it should be possible to find New Zealanders willing to take up this land. Considerable Government assistance may be needed in the initial stages, but this should be more than worth while in the long run. Could it be that, having borrowed from the World Bank, the New Zealand Government has no option but to dance! to the tune of American ] interests? New Zealand 1 would do well to take note of what has happened in Canada, as pointed out by Shirley M. Ross.—Yours, etc., THIRD GENERATION NEW ZEALANDER. , June 20, 1966. [Commenting on this letter, I the Prime Minister (Mr Holy-; oake) said he understood the' land in question was considerably less than half the j '62,000 acres referred to by the correspondent. The Govj ernment neither owned nor i [ controlled any of the land. The owners were at liberty to ; sell their land to whom they wished, but the difficult nature of the country, to which the correspondent referred, had apparently been the reason why no New Zealanders wanted to buy it. It was ridiculous to suggest any connexion between World Bank lending and the desire of some New Zealanders to sell their land.]

Sir, —I am right against this selling of large portions of the country to the Americans. If this goes on it is just the beginning of allowing to slip away more and more lands into the hands of ‘overseas buyers. Alt your

correspondent, Shirley M. Ross, said of the experience in Canada, “the Canadian Government, over the last 50 years, has gradually given away Canada and Canadian heritage for the American almighty dollar.” If it must be sold, New Zeaanders should be the only buyers, and the Government can find the money. It could be a national reserve until we are ready to develop it. —Yours, etc., PROTECTION OF LANDS. June 23, 1966.