COMMERCIAL Rationalisation Of Industry “Needed”

Press, Volume CVIII, Issue 31836, 14 November 1968, Page 19

COMMERCIAL Rationalisation Of Industry “Needed”

Further strengthening of New Zealand-based industries, either by take-over, merger, partnership or actually working in close association with a similar organisation, could be expected in the future, the chairman of Andrews and Beaven, Ltd (Mr R. C. Neville) told the annual meeting yesterday.

It had been proved that New Zealanders could compete in any company providing they had the means to compete with, he said.

It would therefore he] reasonable to suggest that t there was a need for the | rationalisation of industry in New Zealand. There should ; be a greater degree of •: speicalisation and an aware-

| ness that the village blackI smith type of engineering was now finished. Mr Neville said that in the last financial year Andrews and Bgaven had turned its activities to export on a more

rational basis than before, although the group had been exporting for many years. The branch established in Melbourne was making steady progress and unless there was some dramatic change of present conditions in Austrai lia, steady growth was confidently expected. On the domestic market the special scheme for the integration of the group’s branch organisation was nearing completion. Profit Rise As announced, Andrews and Beaven increased its profit by $60,291, or 27.5 per cent, to $280,149 in the latest | year to June 30. ! The steady dividend of 8 ] per cent was covered 2.1 > times.