VIEWS ON TRADE RECESSION

Press, Volume LXXXVIII, Issue 26856, 8 October 1952, Page 13

VIEWS ON TRADE RECESSION

o !; “PSYCHOLOGICAL, NOT p ECONOMIC” i, “There has been some slight trade rep cession but there is no sound logical reas son that can support this state of affairs. do not believe that it will continue for any lengthy period, being undoubtedly based upon a psychological cause ; and not an economic one,” said the chairman i, of directors, Mr C. P. Agar, at the annual i, meeting yesterday of the New Zealand i, Farmers’ Co-operative Association of Can- - terbury. “There is a feeling of caution as r to the future, but if one looks at this •• Dominion’s over-all position one can have no fear as to its future or its prosperity," >t said Mr Agar. 1* Commenting on the association’s stocks ! of goods, whlcn increased last year by 4 £228,444 to £1,080,352, Mr Agar said that t such increases were common to most trad- « ing companies, being Caused by very heavy . importations in the early months of-this 1 year. “In view of the very stringent .‘control of sterling exchange now operating, it is expected that stock figures will- de--1 crease substantially over the next few " months,” he said. » Mr Agar said that probably the most n Important item in the annual report was the directors’ recommendation to transfer £lOO,OOO from the appropriation account to create a general reserve. The net profit . of £60,383, £4934 below last year’s figure, ; was the second highest In the association’s > history, and in view of the more difficult trading conditions, could be considered • most satisfactory. -A new trading link which will operate » from January 1 next year wag announced by Mr Agar. On that date, he said, the association would become an associate company of David Jones. Ltd., Sydney, and would buy through their London office. "We shall have the benefit of their •arge organisation both in London and in Sydney. When the full effect of this new arrangement is in force we shall be side by side with London in the display, of goods season by season,” said Mr Agar. f At a subsequent meeting of directors, t -A gar was re-elected chairman. and 1 Mr T. A. McKellar vice-chairman. The " retiring directors, Messrs Agar, McKfellar. -J. W. Black, G. W. R. Osborne, and J. e Paton, were re-elected at th® annual meeting.