Labour and Foreign Control

Doug Wilson makes a strong point of the money in the Fund being used to fight foreign control of companies operating in New Zealand. He indicates how money collected from New Zealanders by foreign financial interests, like the insurance companies, has been used in the past to build up other assets for these foreign interests. As he states, the existence of a state run superannuation scheme should cut down the money that has been flowing to these companies. To that extent they may not expand at the same rate in this country, and will not be able to continue to buy up the country at the same merry pace.

But insurance companies and the like are not the main overseas penetration. This comes most nowadays from the intervention of multinationals like Kraft, who want raw materials, and threaten to tie up some overseas markets which they have in their pockets. Or from Shell BP Todd, who bring their expertise to the Maui Gas Field at the price of $2,500 million profit for themselves in 20 years. Labour is not standing up against these two recent examples of foreign intervention in NZ industry.

How likely is the Labour Government to take a stronger stand to future foreign companies that use the blackmail of markets or knowhow to get a piece of the action in this country? Labour can do this now. Money is not the obstacle, but the will and ability to take on the multinationals. How likely is Labour to use the money to buy out the insurance companies, or the freezing works or Comalco? Doug Wilson must have an optimistic view of Labour's courage to suggest without any hint from the Government, that this is in fact their intention. He has a more likely argument when he suggests that new enterprises in New Zealand could be set up with heavy Government financial interest or full state control.