Page 17 Advertisements Column 2

Press, Volume CIII, Issue 30482, 2 July 1964, Page 17

JR j Artist's impression of the proposed Thorndon Overbridge, Wellington WWF THE NATIONAL BANK OF NEW ZEALAND LIMITED

Extracts from the Statement by the Chairman, Mr. Arthur H. Ensor, to be presented at the Ninety-Second Annual General Meeting on July 2nd, 1964.

Internal Economic Situation. With the terms of trade more favourable than for many years and export receipts some £47 million above the 1962 level, 1963 was a prosperous year for New Zealand. Internally, business has been buoyant, trade turnovers have been rising and there has been much vigorous capital expansion. An unusually high level of liquidity has prevailed and on the share market there has been a ready response to new issues. Several Government loans have been oversubscribed and small savings have made a further considerable increase. However, the improved export earnings, notably for wool, coupled with the personal tax relief granted by the last Budget and the continued high level of public expenditure, combined to create great pressure for imports, and, thus, no improvement was seen in the level of the overseas reserves. In addition, as the Monetary and Economic Council said in their report of January last, it is apparent that gross expenditure has been expanding at a faster rate than resources, including this year’s record export income, with the renewed danger of inflationary pressure undermining the endeavours being made to increase production and raise productivity. In view of this, the Government has taken certain corrective measures. A £l5 million loan has been raised on the London market to expand overseas reserves and, in addition, the Government have cut back the total value of next year’s import licences by 10 per cent. There is a voluntary wool retention scheme designed to freeze part of the wool growers’ receipts this season, which have been the highest since the 1950/51 boom. Other measures to dampen down consumer demand have included the issue of internal loans and the raising of hire purchase deposits on various consumer goods. Diversification, of Bank Lending Monetary and Fiscal Policy. In a series of detailed reports the New Zealand Monetary and Economic Council has called for the closer co-ordination of monetary and fiscal policy to secure the appropriate economic environment for a faster rate of growth. Full employment and the improvement in living standards can only be achieved through a sustained rise .in national expenditure and production sufficient to absorb the growing labour force. Overseas earnings will need to increase by approximately £l5 million annually to achieve this and it is pleasing that the Government has given further encouragement to the development of the country’s productive resources by providing additional tax reliefs on investment to the farmer and the manufacturer, and a special tax relief to certain categories of exporters who succeed in increasing their overseas sales. Within this pattern it is, of course, still necessary that the Authorities continue to exercise reasonable control over the level of trading bank advances. It is encouraging that at last approval has been given to the establishment Of savings banks by the Trading Banks in New Zealand and this should certainly help to mobilise a useful volume of additional savings for projects of national importance. Ways of diversifying bank lending are also under consideration. At the end of last year the Tariff and Development Board recommended that the Trading Banks should be invited to contribute to the

Copies of the Directors' Report and Accounts can be obtainedfrom The National Bank of New Zealand Limited, 182-186, Featherston Street, Wellington.

SALES EXECUTIVE SENIOR APPOINTMENT WITH BEAZLEY HOMES BEAZLEY HOMES LIMITED or* established a» the largest end * Planning company oxpantion most successful homo building company in New Zealand. Building W : M th. ro.nurro. al over three completed hornet a day throughout the Dominion, their !* ?««« erections, are solidly constructed and individually styled. The SlrlS? and nublk continued profitable expansion of this group is well assured. J**°.‘ h J Lih |2 The This company now wishes to appoint a divisional Sales Manager J® u nu T I J s * r !Ln«riin2 to be directly responsible to the Managing Director for the sale North ,s,an< J- H * 'J?' 1 * work dowly Managing of Beazley Homes- in Wellington, New Plymouth, Palmerston, Director in this activity. Hamilton and all North Island centres outside Auckland. Nearly 1000 homes p.a. are sold in these areas at the present time. ★ Assistance in advertising In greater detail we seek an executive with both the experience Marketing homes successfully Includes creating a and capability to undertake . . . steady demand and the new appointee will bo ~ . , , . . . M assured of the co-operation of present advertising ★ Th. guidanc. and training of «al.. rtaff and „, Mrth , taH . In many areas close co-operation with franchise master builders will b. necessary. Thy successful y),, commencing salary will b. at top .xecutlv. level, a applicant's chief responsibility will mvolv. the Company car is provided and full assistance will b. given ov.r selection, training and motivation of present and r , m oval to Mount Maunganui, th. H.ad Office of th. Company, future sales staff. He will b. assisted by th. company Addr.ss confidential applications and replies to Mr M. C. Sh.ffl.M personnel department. of . • . jugA SHEFFIELD ASSOCIATES APPLIED SCIENTIFIC SERVICES P.O. Box 5621. Nagel House, Auckland. Telephono 42-477.

LOOK WHAT YOU PIP BY NEATLY \ Y WCBEAXI TAPE-)(~^ I CUTTIUO BREAD OU MY \ I BUT THEM, A V REPAIRING IT WITH \ I rfs BeST. MSN PLASTIC TABLECLOTH! 1 \ LITTLE BEAR. ALMOST INVISIBLE / 1 .-- - . \WILLFIXIT- .BJCA3* TJVPE. / T 7jv jtbeari 4 Jvp!pVofttfaA ii 1 iKw IHF il Uli I w m *

FIFTY YEARS OF PROGRESS Fifty years of research and experience are reflected in the confident maturity of IBM services offered to society today. Sophisticated technology has freed man from the drudgery of repetitive tasks! IBM NEW ZEALAND CELEBRATES To celebrate our 50th anniversary IBM offices throughout the world will be closed on Friday, 3rd July. 1964 is of special UHHMLIIK ffBR significance to our g many local friends—it g |W| marks the tenth year of V ■ IBM service to New uru, Zealand industry. NEW ZEALAND For engineering service phone your local IBM office.

Going to AUSTRALIA? The CREDIT CARD will solve your exchange problems and provide an accurate expense account for taxation purposes. Write for details to DINERS’ CLUB (NX) LTD. P.O. BOX 501, PALMERSTON NORTH.