Shortages restrain Email in N.Z.

Press, Volume CXIV, Issue 33516, 23 April 1974, Page 19

Shortages restrain Email in N.Z.

■L Prett l-rsociation —Copyright ■ Shortage* of material and stall are restraining further increases in business in New Zealand, the managing director of Email. Ltd. (Sir Ah in Burton) says in his review in the company's annual report.

Dealing in his report with Sew Zealand, he *aid that luovant economic conditions existed for most of the year. Ind record sales were tchieved by Email’s subi.diary companx. H. W. Clarke (N'.Z.i. Ltd. and the associated companx. BegleysIndustries. Ltd. This proluced increased profits from Zealand operations. •Manufacturing activities h New Zealand are currently, being expanded and financed bv a rationalisation programme which is helping to increase profitability.” he laid “Shortages of materials ind staff are currently restraining further increases h business, but there is every prospect of maintaining the present high sales in tommercial and industrial business and our New Zealand organisation is in a. Urong position to benefit from the opportunities in the prosperous economy." Sir Alvin Burton added. The group net profit rose; 29.4 per cent to 53.588.636 after providing 51.671.000' more for taxation at

53.710.000 and 589.597 more for depreciation at : $1,597,226. Sales for the group were 25.4 per cent higher. i Offer rejected Kearns Oatina. Ltd. re- ' ports that an offer for the purchase of. the company’s property, which placed the ' value of about 450 c on the shares was rejected by share- ; holders at the annual meet- ‘ ing. Brierley has 61 p.c. The directors of Finance Corporation of New Zealand ; Ltd. a subsidiary of Brierley, Investments, Ltd, have advised the Stock Exchange Association of New Zealand that acceptance of their offer for all the “A" shares of the Metropolitan Permanent Building and Investment Society now total 73.597 shares, which represents 61.3 per cent of the issued capital of that class. Cheques have been dis-. patched for acceptances toi date and more cheques are; being sent out progressively I for valid acceptances still I being received. The offer! will close on April 30.