Export sales up 73 per cent

Press, Volume CXI, Issue 32661, 17 July 1971, Page 20

Export sales up 73 per cent

(New Zealand Press Association)

AUCKLAND, July 16. The value of goods shipped overseas by Rex Consolidated, Ltd, Auckland, in the first three months of the year was 73 per cent higher than in the same period last year, the chairman (Mr L. N. Ross) told the annual meeting today.

The total group sales for the period were as budgeted, and 5 per cent higher than last year. Exports were a record in the past year. Mr Ross said that the drive and enthusiasm of the managing director (Mr F. Bruell) had developed in the group an export consciousness which was achieving impressive results with a variety of products in a diversity of markets throughout the world, but costs were a continuing problem. Liquidity was sound, and payments by the group had been maintained on a normal

monthly basis, Mr Ross said. Although the directors had no desire to become involved in shipping, maintenance of adequate local, and Tasman services was so vital that the company was prepared to join the consortium participating in the take-over of the Union Steam Ship Company, Ltd, in a modest way. He paid a tribute to Mrs L. Bruell, who had relinquished active management of the Playnit subsidiary, but remained on this company’s board. In relation to funds employed, Playnit had consistently turned out results which would be the envy of most companies, Mr Ross said.