FIRST N.Z. TRUST

Press, Volume CXVI, Issue 34087, 26 February 1976, Page 14

FIRST N.Z. TRUST

Managers optimistic (N.Z. Press Association) WELLINGTON.

While acknowledging that problems of a short term nature still exist, the directors of New Zealand Unit Fund Managers, Ltd, take an optimistic view of the sharemarkets in Australia and Zealand. “Economic indicators clearly suggest that the major countries in the world are emerging from the recession, and that this recovery will gain momentum in the current year,” the chairman (Mr F. H. Renouf) says in the half-yearly report. The report shows that on December 31 Australian shares accounted for 67 per cent by value of the total investable funds of First New Zealand Unit Trust. Holdings in New- Zealand companies representing 25 per cent of assets, and the balance is held as a cash reserve on short-term deposit.

Gross income for the six month fell $2247 or 4.0 per cent to $53,356 or 3.499 c a unit compared with 3.369 c a unit in the corresponding period of 1974.

After deduction of tax, management and trustee charges, the net amount available for distribution to unit holders amounts to $39,065 from which a dividend of 2.5 c a unit will be paid. •

The total payment for the year is steady at 4c a unit. During the year 125,000 units were cancelled leaving the total number of units on issue at balance-date 1,525,000. The valuation of the portfolio was $1,701,374.