Control of prices “effective”
(Sew Zealand Press Association > HAMILTON, October 12. Anyone who doubted that Government price controls had been effective should look at the accounts of his and other New Zealand companies, the chairman of Wattie Industries, Ltd (Sir James Wattie) said today.
The accounts of his company for the year to July 31 showed a large increase in turnover without a corresponding increase in profit. Turnover for the year was $12.1m, or 11.5 per cent, higher at $117.3m. The unaudited group net profit was 6.2 per cent higher at $4.7m. As long as costs were allowed to rise and price control continued, the ultimate result did not encourage ex-
pansion in industry, Sir James Wattie said. The company increased profit for the fifth year in succession. However, its net return on sales fell from 4.21 per cent to 4.02 per cent. The recent indications that New Zealand’s economy was showing signs of improvement would improve business generally. “But as long as costs rose and price control remains, our profits must shrink,” Sir James Wattie said.
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Bibliographic details
Press, Volume CXII, Issue 33046, 13 October 1972, Page 19
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177Control of prices “effective” Press, Volume CXII, Issue 33046, 13 October 1972, Page 19
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