Short-Term Prospects In N.Z. “Appear Good”

Press, Volume CIII, Issue 30338, 14 January 1964, Page 15

Short-Term Prospects In N.Z. “Appear Good”

(New Zealand Press Association)

AUCKLAND, January 13. Prospects for the New Zealand economy in the short term appeared good, Mr A. H. Ensor, chairman of directors of the London-baaed National Dank of New Zealand. LtcL, said today. Exporters had done pretty well so ter in finding new markets, white the question

of United Kingdom entry into the Common Market seemed to be dead, be said. Mr Ensor said the possibility of quotes on meat exports to the United States was not unexpected. It was not the type of market to test for ever. “On a recent visit there I gained the impresston that meat producers were going to put all passible pressure on the Government, but they didn’t expect it to have any effect,” Mr Ensor said. On the question of savings banks run by trading banks, he said that banking was frustrating and difficult in New Zealand. There was much more freedom under the United Kingdom banking system—there banks could enter the short-term money market and hire-purchase field, and make investments. “But I admit in any economy like New Zealand there have to be some controls,” Mr Ensor said. N.Z. Ownership Asked how much of the bank was New Zealand owned, he said that it was now about 16 to 18 per cent. Once the proportion used to be about 50-50, but there have been substantial sales of shares on the London share market to obtain overseas funds. He described the loss of the local element in ownership as unfortunate. Mir Ensor will remain in New Zealand until the middle of next month and will visit branches of the bank. His last visit here was three years ago.