Motor Traders sees increased exports

Press, Volume CXI, Issue 32778, 1 December 1971, Page 21

Motor Traders sees increased exports

(New Zealand Press Association) AUCKLAND, November 30. Trading volume of the Motor Traders (N.Z.), Ltd, group so far this year confirmed that the plan to expand by acquisition was well conceived, the chairman (Mr C. A. Staples) told the annual meeting.today.

“We undoubtedly now have a sound and well diversified group, sharing in the growth prospects of the motor industry,” he said. The funds from the present convertible note issue would

go some way in supporting the first two stages of a fivestage development plan. As more cash was required from time to time, the directors hoped that shareholders would take part and benefit. Mr Staples said that recent decisions by the major car manufacturers to create regions for vehicle and component production led the directors to believe there would be a growing export potential in the Pacific basin area for the company’s wide range of parts, accessories, and garage equipment. These had been well received in Fiji and Samoa, and valuable contacts had been established on the west coast of the United States, Western Australia, and Singapore since’ January. The company was confident that its capability to export would grow. It shared the reservation expressed by other manufacturers on the effect of galloping inflation on the ability to compete. On inflation, Mr Staples said that it was, in today’s circumstances, just as pointless to exhort the employee to work harder as it was to berate the employer for not paying more than what he got in return. A militant demand for a larger slice of the cake was illusory and selfdefeating, unless the heavier pay packet was accompanied by increased productivity.