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Thursday, 25 July 1946

Mr DEDMAN - On the 19th July, the honorable member for Cook (Mr. Sheehan) asked me the following questions : -

1.   Can the Minister give the House any information relating to the number of overseas firms and Australian firms whose capital is derived partly or wholly from overseas who have interested themselves in establishing new industries or expanding existing industries in Austral ia ?

2.   What is the total amount of new capital involved ?

3.   What effect is this likely to have on the Australian economy?

With the permission of the House I incorporate in Hansard the following statement in reply to the honorable member's question : -

There has been a keen expression of interest in Australia as a field for investment by overseas industrialists. Many have made decisions to commence production in Australia; others, already with substantial investment in Aus tralia, such as the Vacuum Oil Company which has recently decided to erect a £750,000 steel oil refinery at Altona, Victoria, have indicated plans for extension. Many of these decisions have been taken after consultation with the Secondary Industries Commission or the SecondaryIndustries Division of my department. The following list indicates the source of overseas capital of at least some of the firms included in the above-mentioned categories, namely : -

Firm- Overseas Capital from.

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