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Friday, 10 December 1965

Mr HAROLD HOLT - Without accepting all the comment by the honorable gentleman relating to our reliance on an unlimited flow of United States funds, I would agree that in recent years in particular a good deal of our development has been assisted by finance that has come to us from the United States of America. When earlier this year there were announced policy proposals that would on the face of them have the effect of reducing the flow of investment capital from that source to Australia I took up the matter directly on behalf of the Australian Government with the Administration in Washington and obtained certain assurances which I believe have been confirmed by our subsequent experience. In point of fact the flow of investment capital from the United States has been well sustained and the export income of Australia will be enlarged very materially in the years ahead as a result of that investment. Normally I would have felt some concern at the latest development, but having the assurances that were given to us earlier in the year and having been invited to bring any cases of difficulty to the attention of the United States Administration I am confident that Australia, which remains a strong centre of attraction for overseas investment, will continue to receive a substantial flow of capital from American sources.

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