Word: gorton
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When Prime Minister John G. Gorton recently toured northern Australia's coal, oil, iron and bauxite fields, the trip turned out to be less than a happy inspection. The assessments that the fields are among the world's richest new natural resources are fair dinkum. But at each stop, when Gorton asked his hosts about the Australian share in their projects, the answers were disheartening...
...remainder is held by British, Canadian, U.S. and French companies in consortium. Mount Goldsworthy Mining Associates, which ships 4,000,000 tons of iron ore to Japan annually, is 8% Australian and 92% British and American. The only large project in which Australians hold a majority interest, Gorton was told, is the Mount Newman iron mines, where their share...
Visibly Vexed. Gorton flew back to Canberra visibly vexed and more determined to implement a policy that he calls "economic nationalism." Australians want foreign capital and investment. Indeed they desperately need it, since there has never been enough local money in a predominantly agricultural country to develop a large industrial capacity. Nonetheless, Gorton and his countrymen are distressed by the fact that foreign companies now have about $6 billion invested in Australia and own one quarter of all its commercial assets...
...invasion from outside has be come a political issue as well as an economic one. Deputy Prime Minister John McEwen, leader of the Country Party, holds that Australia year by year is "selling off a part of the farm." Gorton's Liberal government denies that, maintains that without such investment Australia would be like Mexico, Bolivia, Indonesia or the Congo, allowing stubborn national pride to strangle national interests. Still, the Liberals would like foreign investors to be less stubborn too. Gorton, who often takes an oar in one of the lifeboat teams that Aussies love, would like...
...peace to Southeast Asia." So far, he declared, the North's only response to his bombing curtailment has been to pour in men and supplies "at an unpreccdented rate." Nonetheless, two clays later during a press conference at the L.B.J. Ranch with Australia's Prime Minister John Gorton on hand, the President reiterated that "if Hanoi will take responsive action" to reduce the level of violence, "we are ready to go far and fast with them, and with others, to reduce the violence and to build a stable peace in Southeast Asia...