AMERICAN CAPITAL SOUGHT

Dominion, Volume 32, Issue 150, 21 March 1939, Page 8

AMERICAN CAPITAL SOUGHT

Investment In Industry

AUSTRALIAN’S MISSION TO NEW YORK

Dominion Special Service.

AUCKLAND, March 20.

Au endeavour to interest American capitalists in the investment of money in Australian industry is the purpose of a visit to the World’s Fair in New York, now being undertaken by Mr. C. It. Hall, Sydney, a through passenger who arrived by the Niagara today. Mr. Hall is secretary of the New South Wales Chamber of Manufactures, and he intends to spend three months in New York in connexion with the Australian exhibit at the fair. “We want more industries in Australia, and we feel American people may be able to provide some of them,” said Mr. Hall. “Naturally we are only concerned with industries not already established in Australia, but a wide field offers many attractive opportunities. We still import an enormous variety of articles that could very well be made within the country, and with this in view I plan to arrange for American manufacturers to produce some of their goods under licence to Australian manufacturers.” Referring to the import control introduced in New Zealand, Mr. Hall said that if the system were designed to build up the manufacturing industries it was only following the policy that Australia had been fostering for many years. However, before an industrialist could be encouraged to establish a factory in New Zealand it was desirable that his capital should be given some protection. “When a man puts his money into any.business he wants to get something out of it,” said Mr. Hall. “Ho may be an Australian or he may be a man from further abroad, but he does not want to have his capital locked up, as seems to be the case in New Zealand.” Mr. Hall pointed to the debt Australia owed to her manufacturing industries, which contributed very largely to her stability in the depression years, he said:. industries in Australia, as well as in New Zealand, seemed to provide the greatest opportunity of absorbing an increased population in employment, which certainly was not offered by the primary industries.