NEWS IN BRIEF

Press, Volume CXII, Issue 33094, 8 December 1972, Page 18

NEWS IN BRIEF

New line for Wattie J. Wattie Canneries, Ltd, will begin producing cafined soft drink at its Hastings plant early next year, Wattie Industries chairman (Sir James Wattie) said yesterday. Sir James Wattie said plant and equipment had been ordered from overseas, and this could be working by March next year “or even sooner.” The effervescent soft drinks would be produced initially for the New Zealand market, although there was also the possibility of market developing in the Pacific, he said.

Offer withdrawn The directors of Life Savers (Australasia), Ltd, said that they had withdrawn their offer to the shareholders of Frozen Foods Industries of Australia, Ltd. The offer, worth close to s9m, was understood to have had large financial backing from the Bank of New South Wales. Further restriction West Germany took a further step to restrict money flows by tightening the laws on borrowing abroad. A new regulation, approved by the Cabinet, widens the scope of the law which, in effect, doubles the cost of raising foreign loans. The regulation, which amends the present “cash deposit” law, comes into effect immediately. In future, all West German firms borrowing sums of more than 50,000 marks (about $15,000) abroad will have to deposit half of the amount in an in-terest-free frozen fund with the Central Bank. Listing permitted The London Stock Exchange is to allow stockbroking and jobbing firms which are limited corporate members to "go public.” Financial observers said the move raised the prospect of the United Kingdom exchange moving towards the New York pattern where brokers are already quoted. It is not expected there will be a rush for quotation as only some 10 firms have limited liability. The stock exchange allowed partnerships to become limited corporate members only three years ago. Massey shows profit The machinery group, Mas-sey-Ferguson (Australia), Ltd, has returned to the black With a $2,094,000 trading profit in the year to October 31. This is a $3.3m turnaround from the company’s $1,226,547 loss in 1970-71. The directors said that sales rose almost a third, from s34m to s43m. Provision for depreciation was $96,433 less at $879,424 with no tax applicable ($23,222). The directors say that tax losses of prior years carried forward into the current year will be $2,029,311.