“Unreal” buoyancy continues

Press, 5 August 1976, Page 16

“Unreal” buoyancy continues

The "unreal” buoyancy ini [the January to March quarter had continued through-! iout the second quarter of! the vear, the chairman of Bonds (N.Z.), Ltd (Mr A. S. Paterson) said at the company’s annual general meeting in Wellington. He said last week's Budget , gave a realistic assessment of the country’s financial situation, and’ the Government’s proposals for righting the economy deserved every ! endorsement.

j There had to be some re- ' straints if inflation was to i be brought under control ' but, he said, the company < would be doing everything it ■ could to see that it. got its

[fair share of whatever business was offering. ! He described Bonds’ pur- ! chase of Lanes Industries, Ltd, as a very significant event in the textile industry. "In retrospect it is easy to say that this was a wise decision which must be to the benefit of both parties; it was not an easy decision for either side to make. “The hosiery business had been in a profitless state for quite some time with all the participants trying to put up a bold front. “Fortunately common sense prevailed and now we see a situation emerging where it will be possible once again to look upon this

section as a viable operation.

“In this context we commend the type of studies which the Government envisages for the Industrial Development Commission.” Mr Paterson said the company was working harder than ever to develop new products and to promote exports where ever this could be done.

He said the company’s finances were in a satisfactory state and the recent cash and conversion offers to take care of debentures t maturing later this year looked likely to produce a i positive cash gain to the company.