OIL AND IRONSAND

Taranaki Daily News, Volume LIV, Issue 67, 9 September 1911, Page 4

OIL AND IRONSAND

GOVERNMENT ASSISTANCE. Wellington, Last Night. In the,- Financial Statement, delivered last irght, the I'remier said: — It in .recognised that New Zealand must do its b.est to promote the development of its oiiMds and minerals. Tim institution of those great industries is beset with many difficulties. Among these is the large amount of capital required, and 1 feel that all reasonable relief Hliould <{ivcji to those trying to establish these important undertakings. With this 1 in view, I propose, in connection willi oiJ plants, either to admit it with the, machinery for development ol our oilfields .free of duty, or remit by a provision on the list inflates, or, where suclr machinery can he locally ii'.ade, to meet the requirements of these industries, to give a bonus to our local manufacturers equal to the amount of freight. Assistance must also be given to enterprise for seeking to make ohr iron ami ironsands available for profitable twe. and State assistance, wil-1 l>e given in these ease** on condition that the. State has the right o.f acquiring the ironworks and fields on proper conditions, if Parliament should deem such purchase! desirable. At the present time the Government hits an offer to establish the iron industry in New Zealand upon giving an a.nniua'l contribution for a period of forty years. The condition asking for tire contribution to he for a long period is one that the Government is of opinion should be reduced and provision mfido for givins the right to acquire such works by the Government on terms fair to owners at any time, on reasonable length of notice being given. The alternative is to continue a subsidy for a longer period. I am of opinion that it is of great importance to the country that we should encourage the production of iron from our ores and iron.sand, and have it su.pp].ied fit a rate to our manufacturer*; that would enablo them to successfully compete in the work of manufacturing articles against the competition from beyond New Zealand. If such a work is put in hand I should expect in a few yean? to find at least ten thousand men employed in a: great industry of the kind, and we need for our pifblie purposes, as well (is for private requirements, to have iron and steel available at much lower values than they can now be imported. And this would be encouraging a great local industry, with the advantage of keeping the monej' in the country, giving employment to a large numlier of men. and giving an impetus to our iron industry, which at present is recognised- to be most necessary. Should, however, private. enterprise not lx> attracted to the iron industry on the inducements I have stated, the Government will consider immediately the expediency of developing the iron resources of the Dominion as a State enterprise.