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Press, Volume CXI, Issue 32776, 29 November 1971, Page 19

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A reduced turnover for the year was reported by the chairman (Mr John Mallard) at the annual meeting of the Wellington Stock Exchange. He said that in many cases also there had been lower investment values, which were natural in the ruling conditions.

“Equities are (and have been for some time) available to investors at what are historically attractive yield and earning ratios, but the markets problem had been that when investors’ confidence had brightened on a number of occasions some internal or external happening had made for a return to the sidelines and for a renewal of ‘wait and see’ policies,” said Mr Mallard. Investment needed “Fixed interest investments—as is usually the case in times of uncertainty—have attracted investors and will undoubtedly continue to do so until the outlook is clearer, but I believe that, when the wheel has turned its full circle, we shall see equities fully restored to investors’ favour. “The mobilisation of capital is a must for the well being of the nation, and equity interests are the lifeblood of industry. “I believe that New Zealand’s great natural advantages still provide the base for us to have a country second to none in which to live—a base from which the inherent good sense of the people, and their ability to meet challenge, can build for the future,” said Mr Mallard. Waimamaku No. 2

The New Zealand Petroleum Company, Ltd, says that the Waimamaku No. 2 well had reached 7370 ft and drilling was progressing normally.