In their approach to problems of economic policy, my Ministers
accord high priority to the objective of stimulating and achieving a
faster rate of economic growth. Competitive private enterprise will be
supported and encouraged. Any undue development of monopolistic
trends within industry or commerce will be closely watched. A
review of price control will continue with the objective of further
relaxation where this would not react adversely on living costs.

The Tariff and Development Board, established in terms of legisla-
tion passed last year, will direct its attention to the promotion of
industry and will maintain a continuing survey of tariff and import
licensing problems.

The discovery in Taranaki of natural gas, on present indications in
very substantial quantities, is an event of major importance to the
nation. When developed, this asset is likely to bring about a profound
change in the pattern of fuel and power resources. You will accordingly
be asked to consider a measure to establish a Ministry of Fuel and
Power and a Fuel and Power Council to ensure the coordinated
development of these resources, as well as legislation on the laying of
pipelines and other matters related to the most economic use of natural
gas.

Another Bill will deal with the problem of securing continuity of
policy in electrical planning and development, and a greater degree of
uniformity in the terms and conditions under which electricity is dis-
tributed.

High priority and much energy is being given to expanding export
trade. The visits of my Minister of Overseas Trade to Europe and to
Asia have enabled a closer assessment of the problems and prospects.

A Trade Promotion Council has been set up, consisting of men of
standing and experience in the field of overseas trade. An import
replacement scheme with bonus licences will be introduced where
imported raw materials are incorporated in export products. Trade
surveys and missions, and participation in trade fairs, are being under-
taken to a greater extent than ever before. My Ministers are pleased
to see widespread interest in and practical support for the export drive
which is now gaining momentum.

With competition so keen in the world’s food markets, New Zealand
must meet the demands and the standards of buyers. Ways are being
examined of providing better control of meat export slaughter and
packing houses, and also of improving the law governing the killing
of stock for local consumption. Increased funds have been provided for
research into new farm products and the maintenance of the quality of
primary produce.

Good progress has been made in implementing my Government’s
land-settlement policy. Two-thirds of the farms developed and offered
during the past year were taken up by civilians, mainly young men
with farming experience.

Legislation will be introduced to authorise farm forestry loans, to the
value of £750,000 over a five-year-period, in support of my Govern-
ment’s objective that an extra million acres of trees should be planted
by the end of the century.

Last year the tourist industry earned over £4 million in overseas
exchange. Further steps will be taken this year to increase these
amearnings.

My Ministers will give close consideration to the recommendations
of the Select Committee on the fishing industry with the aim of assisting
the industry to make full use of the natural resources in the waters
adjacent to New Zealand.

The recommendations of the Committee of Inquiry into the sale of
apples and pears on the local market are being examined with a view
to the introduction of legislation for your consideration.