THE ENGLISH INVESTOR.

Manawatu Herald, Volume XXXI, Issue 453, 15 April 1909, Page 2

THE ENGLISH INVESTOR.

“ The attitude in England towards the colonies,” said Mr C. C. MacMillan, who has just returned to Auckland from abroad, to a N.Z. Herald representative, •is very distrustful, and there is a great difficulty in getting capital, either for Australia or New Zealand investment. Many large enterprises which could have got money from Home some years ago find it impossible to get it now. I am interested, for instance, in a large coal mine in New South Wales, in which a large amount of capital is required and which would, I consider, give splendid results. I was informed by the chairman of directors of this company whilst I was in London that not one shilling of the requisite capital could be raised there. He told me that if it was necessary it must be raised in the colonies.” Asked to explain the reason for this attitude, more particularly as regards New Zealand Mr MacMillan replied that whilst in England New Zealand was admired in a way, capitalists did not like to entrust their money to New Zealand. This was largely on account of our legislation. The arbitration laws of the Dominion were an example. ‘Tn England,” said Mr MacMillan, “ the trades unions seem to have more influence over their members than is the case in New Zealand, where there have comparatively recently been several strikes. At Horae, if an industrial arrangement is made, the unions seem to be able to make the men abide by it. The result is that an equitable agreement can be arrived at- What they say in England is that the employer in New Zealand is compelled to obey the Arbitration Court, or to pay flues or penalties if he fails to do so —or in the alternative to sell off his machinery, and perhaps lose halt his capital — whereas the men can refuse to obey an award, and there is no hold on them. It is also felt at Home that there is no fairness in New Zealand laws that fail to compel both sides to obey awards. In many of the English coal mines operations have been carried on for years without any difficulty with the men, because they have a basis to work on. This is not so in New Zealand. It is the knowledge of these facts that deters people at Horae from investing their money here,” Mr MacMillan went on to say that there was great depression in England, and that most of the public companies had either reduced their dividends or ceased paying any at all. At present he feared there was no prospect of any improvement.