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Thursday, 12 May 1960

Mr McEWEN - My answer is a simple one. I believe I state a principle, and I would not go beyond stating a principle, which I hope would be accepted by overseas investors. Clearly the circumstances would differ in a multiplicity of cases. The decision as to the investment of savings, be it a personal investment or an investment of the money of companies - which after all, is money belonging to individual shareholders - is a very important and very private matter. To place investors under compulsion to take unknown people - foreign people - into partnership in a matter concerning their own savings would, I think, be destructive of the general purpose that most Australians have in mind: That is, that it would be to the advantage of this country if more overseas companies which have the capital resources, and also peculiar skills, peculiar knowledge and peculiar marketing outlets, could be persuaded to come here. I rest content, as the Government does, in saying that we believe that it is desirable that such companies should consider the advisability, in their own interests, of taking Australian capital and industry into partnership with them.

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