DOMINION'S DEVELOPMENT.

Taranaki Daily News, Volume LII, Issue 109, 7 June 1909, Page 4

DOMINION'S DEVELOPMENT.

ARE CAPITALISTS FAVORED HERE? "WELCOME," SAY'S SIR JOSEPH. In order to ascertain the attitude of the Government towards the investment of English capital in the Dominion, two gentlemen from Home, Mr. \\. P. C. Bain, of Edinburgh, and -Mr. Howard butters, of Bournemouth, England, m company with Mr. D. Jlr. Findlay, recently had an interview with the Prime .Minister, Sir Joseph Ward. Mr. Howard Butters explained that Mr. Bain and he were interested, together with certain financial friends "t Home, in some properties in New Zealand which it was their intention to develop on a considerable scale. They ivcre already operating a white pine property in the "Waikato under the title of the Northern Timber Company, Ltd., of which company Mr. Bain was I chairman and Mr. Butters managing director. They were contemplating developing other and much large properties—for the timber first and afterwards for burning ami grassing them and selling off the land in small sections to suit <siuall farmers. In this work their most serious difficulty was the enormously strong feeling in the minds of many British capitalists that the Government of New Zealand were hostile to such operations. This feeling, he assured the Premier, was far stronger than people I in tills country had any idea of, and had \ become intensified by some reports of certain transactions 'before the present Timber Commission, relative toa strong feeling in the Dominion in favor of an export duty on Now Zealand timber,! notably white pine. Mr. IJuUcTa explained that for his part lie was convinced that this inipres-1 sion nt Home was an absolutely false one, and that the whole trouble' was a , bogey—but it was nevertheless a very ■ real and great dilliculty, and for that reason he had come and brought Mr. . Bain, who represented British capital i on a large scale. Their company was i primarily interested in white pine, which t they exported to England and elsewhere, 1 and.proposed to tlo so on a very much larger scale ill the near future, lie emphasised the fact that white pine was the least valuable wood for local purposes, and if any restriction were placed on the export it would not mean that the timber would be conserved, but that the bush would simply be burned to clear the country. Surely there could be no question "that it was better for , the country that this timber should be \ milled and much money spent on wages', ; etc., to the workers, and good gold ob- ' taineil for it in London or Australia, ' than that it should simply disappear in smoke.

Tin; Premier enquired what would In' Hie cll'eet on their company if an export duty were jiut on while pine, ami .Mr. Jliittcrs declared that it would mean deatli to tJi<> milling industry in their case, and that the 'bush would, simply have to he ltunit.

Sir Joseph then enquired whether they had any desire for an export bounty on white pine, and llr. Butters assured him that they were quite satislied tt-ith things as tliey were, if only British liiianciers could lie assured that no change would be made, and that the Government were not in any way hostile to them. He emphasised the fact that as these properties were like stock-in-trade to their companies, their great object being, having milled the timber by the, most improved methods, to get the land into grass and sold off in small lots as fast as it was cleared, so as to turn over the capital. It was a fact that most of the land on which the best timber grew was of first-rate quality. j Sir Joseph said that this whole policy met with the warm sympathy of the Government,, and asked particularly whether they had heard any member' of the Government making any speech in favor of an export duly on sawn whitp pine. It had been said, that a duty on logs was desirable, but "the Government wanted to do all that was' in then power to encourage the sawmillin.. industry, which gave employment to s" many workers. The turning of forest lands held under leasehold by title by private individuals into grass'after the timber had been milled, thus givin« cmployment to many workers, and"then disposing of such lands in small holeliii", after draining and grassing, was most •'inpliatically a policy which'would meet with full approval. -Mr. Jiain remarked (hat the fceliii" was exceedingly stroiis at Home thai the -New Zealand Government looked most unfavorably on British companies coming in to operate i„ \,. tt . Zealand and that in consequence Ho investors were very „hy „f any companies opcra'tmg lauds' in New Zealand. Sir Joseph assured him (hat anv su-h feeling was absolutely mistaken, and .hat for companies operating ,„, s „,|, ""''; V"' ( «>W'nnciit had the heartiest good-will, and concluded by savin..; "The inoi'e „f yon that come'the' beUer we like K-you are all welcome." The il'i-emier pointed out that the lovcrnment were , strongly opposed, however, to the locking up hv comiianics or private persons of large areas for speculative purposes onlv. llr. Butters thanked Sir Joseph warm. I.Y for his exceedingly clear and most satisfactory slalemenl, and trusted that us would in the future materially assist in the development am i prosperity of Jew Zealand—Times.