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countries to increase their capacity for
doing more for old and new friends elsewhere.
This is not playing with words and the
seriousness of the present British
Government's intentions are shown by their
wish to retain with you andother
Commonwealth partners a presence in
Malaysia.
Britain has not turned her back
on Australia in economic terms either.
Since 1947 Britain has invested more than
SA. 3,000million in Australia, more than
all other countries taken together. And
even since certain restrictions were imposed
on investment in 1966 private portfolio wertment
in Australia has remained at a very high
This is a fact of great
level indeed.
significance.
It shows that British people
have faith and interest in Australia's
future.
7.
At the same time we must realise that
trading patterns have changed very substan-
tially. Today Britain exports twice
as much to western Europe as to the whole of
the Commonwealth and Western Europe is,
after all, not much larger than the Communities
will be if Britain and the other applicants
join. The present Communities alone
are our largest and fastest growing market.
8. Similarly and perhaps even more spectacu-
larly Australian trading patterns have
changed. During the past ten years the pro-
portion of your exports going to Britain have
fallen from 27% to 13%. Japan is your main
4
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