Closing quotes

Press, 24 October 1980, Page 17

Closing quotes

Milling, oil. Buy Sell

Consilver 13 14 Land-MOil 36 37MlneralRes 90 100 NZPetrcleum 540 600. SthCross — 53 No. 1 board Ajax 295 —- Alcan 165 ■ — AlexHarvey 222 223 Alliance cd 53 62 Do. cv pf — 52 All-flex 114 AndBv xd 120 Do, cv db 110 Do, cv pf 100 Andas cd nd 120 AshB cd 280 310 ABCables — 205 Atlas 29 32 ANZBank 247 250 Autocrat xd — ■ 168 Ballins 76 77 Do, cv pf 60 BNSW ——. 410 BNZFin —— 275 Brierley cb cd cl — 400 BHP xd —— 2350 Bunting — 90 CPD 222 — Do. cv pf 195 —— CFCA cd —— 205 Do. cv pf —— 170 CF.M cd cb don’t sell 342 250 Do cv pf 165 170 CantTimber ■325 — Do. cv db 300 - CarterHolt 360 . 365 Ceramco — 205 Do, cv pf 100 107 1 Challenge 385 390 Do, 16 pc cp 375 385 : Chch Gas 190 — Chch Press xd 275 — CdjTvat — 120 Comalco 660 680 Command 135 145 Crown rts 20 DalgetyNZ 235 DalhoffandK 60 62 DIG cd . . IvO — DingwallP 175 180 DBrew 78 w— Do, cv pf 48 Don-aghys’ 255 257 DuniopNZ xd — 340 Ebos 97 110 Endeavor 135 165 EAdams 155 165 FTrad cv pf SO — Feltex ci 145 —— ■ Firestone 131 125 FisherandP ISO 200 Fletcher cd 437 490 Do, cv pf 110 —_ Freightways cb cd 165 — GBay ci .46 A I Goodman . ■— 265 1 Hallensteins 245 — i bvdow 245 - — JRattray cd cb — 220 LD Nathan. cd 189 — Do, cv pf 175 130 LAVR cb IOS . — Do. cv pf 87 Lion 107 109 lOpc cv pf 95 97 12pe cv pf 83 86

] E Experience with machinery sy ndicate Commercial date it was to be done by. increased rapidly from $10 more specialised equipperience had.shown that a • just what my financial position would have been if 1 had not joined the group. I dp know I would have had to employ' more labour, work, longer hours or let other aspects of my farming practice suffer, • and replace my • tractor and probably other equipThe manager and chairman then correlated the total area of each type of operation and with well established conversion rates the total number of working hours for the month were calculated, and if extra labour was needed this could be per. acre in 1977 to over S24 this year, but part of this was due to the increased maintenance required on such items as the plough and grubber, which they had decided to retain longer before replacement. The fuel cost had increased from S2.76 ment had been purchased; (2) increased financial strength and creditworthiness; (3) increased time for strategic planning and leisure; (4) increased job interest for employees; and (5) a considerable saving in energy had been apparent wise choice of make could be a great advantage when the time came for replace- i ment. Although all syndicates in Canterbury put money ■ aside for future replacements, inflation, had made it a difficult area to budget for. Because of high repair A. and B. keeps for efficien ment ... 1 fee! that the formation of‘ the group has been amply justified." Mr. D. J. (Don) Davison, of Te Pirita. said this this week speaking at a field day at Methven. on the subject of farm machinery ownership organised by the Canterbury-Westland branch of the New Zeaplanned for in advance. The manager recorded each day’s work and at the end of each month met with the secretary to bill each member for work done during the month. Each year charge-out rates were reviewed in the light of increased costs and the amount of work to S4.40 per hour. The whole idea of cooperation between farmers was foreign to many’, said Mr Davison. Naturally they had been the subject of much discussion and initially many had been waiting for the whole venture to fall apart. But cynicism about the group had now practically disappeared. plioria wore off a person was able to step back and reflect on the successor otherwise of the move, he said. A highlight had been the bonding of the members'of the group into a team. Most • problems which arose were dealt with quickly and there was a sense of achieving and- maintenance costs they endeavoured to buy ! new equipment, but when j this was not possible suit- i able second-hand machines : with some warranty had ’■ been considered. Although i it would , be ideal to be J able to replace the tractor on a regular basis, because of the incredible Andrews and Bea ven."Ltd. | “Prospects for exports in in Christchurch-based manufac- the coming year, unfortu-11 uiing engineer, sees good.nately at this stage do not>areas of expansion-during’appear to be quite.. good;\ the development of theicompared to 12 months ago h najor resource projects tsays Mr Beaven. r planned for New Zealand byi “Two new projects are 4 the mid 1980s savs the man- currently being developed, agin” director (Mr W. B. We will record m this com-;! . ling vear our first major't land Society of Farm Management. He belongs to Te Pirita Enterprises with eight other farmers in the Te Pirita-Dunsandel area who jointly own and operate a likely to be done. Sometimes there, was resistance to increased charge-out rates to cover increased costs, especially when something worthwhile as a group While he did not seem to have- much increased leisure as a result of joinrise in prices the feeling of the group now was that if the machine was’ performing up to standard there migh' be a case for In his review with thei company’s annual accountsfor the year ended June 30' Mr Beaven says that this! ernwth will benefit a wide: export of diesel- generating is equipment to the Pacific Is-.] lands. Much capital expenditure e was incurred in'a vear ini other high priority areas existed, but in retrospect it had been a wise deciing the group, Mr Davison said that he had been able to devote more time to replacement at longer intervals and accepting a : higher repair and replace- 1 section of the engineering! industry, bur particularly > those companies manufac- . tuning, and distributing inter-nationally-known quality products. In the years leading up to these developments the main thrust of the group will lie which the company was trying to consolidate its activi- i ties. c range o rarm mauninery. son was the first sion to do this to avoid a sheep management resultment hill. Additional land was pur- t mr later shortfall in cash for ing in an improvement in With scarce resources chased in Christchurch, Te-i cnairman or tne organzareplacements. anima! performance and and high costs in farming Rapa, Tauranga, and Ro-;c lion. farmers in the The main items owned quality. The boredom of todav, Mr Davison said it torua, and additions were The bv the group are a tractor long hours spent on the was : essential that efficienmade to buildings in Te group, which was estabin the 130 horsepower 'M' > z * -s tractor no longer existed cy. should be increased. He Rapa and Rotorua. ' lished in 1976, farm a plus range, a seven-furrow as some drilling and camfelt that one of the mostin increasing its efficiency, and in promoting products More of the latest machtotal of 2720 ha (6800 plough, 16ft grubber, 16ft bridge rolling were the effective ways of achievine tools were purchased for acres). They run in excess chisel plough, 18ft barJ \ v only jobs that he did himing that was the sharing for export-related industries. the Christchurch factory and of 27,000 sheep and while rows, two 10ft heavy rollself. o* high cost machinery The marked profit imDon Agencies, and Buchan- ; six of the farms are ers pulled in tandem, a At regular intervals it through the formation >r provement in the year under review, in which profit ans was remodelled and imalmost exclusively sheep mower and a shower had been the policy of the syndicates, and the lurtner proved. ■ farms the other three have sheep dip. A rotary hoe is hired from a member group to review the need development or tms movt doubled to $2,015,778 when In addition to the trading varying amounts of crops. to replace the tractor. ment would be done oy the economy showed little profit of $2M, extraordinary The group employs a working manager and his house and depot are centrally situated with all farms in the group being within a radius of 15 kilometres, of the base. Each month the memwhen required. Mr Davison said that most members still owned their own smaller, older tractor for raking, feeding out. Cambridge rolling, and drilling, as well as the usual plant like utility vehicles, motor-cycles and -"WO MR DAVISON There were of course disadvantages and some of There was no hard and fast rule to guide them, and invariably the price gap was looked at in the light of what it was likely to b<- in a year’s time. After their initial experience of owning a sec-ond-hand tractor which informed people conveying the fundamental rules that had stood the test of time, but there were too few of these poepie in New Zealand. •‘The adjustment to taking group intsead of individaul decisions and learngrowth, was" largely the result of improved efficiency. Exports increased, but did not reach the budgeted figure of $750,000. Price rises in a number of products. especially fork lifts, meant that orders were items contributed $456,235 compared with $177,274 the year before. The provision for tax increased fromi $748,413 to $1,293,448. andminority interests took | $68,560 (last year $23,552). The share of earnings of) associate companies rose! bers o the group meet in the most obvious of these had performed . well, they ing to operate m a Sales of wood processing from $4793 to $27,343. ) one 0 their homes with chain saws. were (1) a certain loss of had experienced their first board/manager/executive As announced, the ordi-i the manager and someIn the first four years all cultivation had been independence or individmajor pain of a replacestructure is a new exnarv dividend was increased! times the accountant, Mr ualitv although he ment cost gap. which was perience tor most or is projected. from 12 to 14 per cent; it is . Pita Alexander, who indone by the syndicate except for drilling, which was done only on a limited scale when time permitted using drills hired from members. _ In the thought it was more imagaccentuated by a poor and education is required covered twice. The earning! itially brought the_ group ined than real; (2) there could be some inconven-trade.-in value. Their exhe said. a number of smaller lines. rate on shareholder;’ funds rose from 5.8 to 10.3 per into oeiDE. Mr uaviMJii an excellent progress was made by Don Agencies — said he felt that.-these ience depending on tne cent. meetings had helped to operation and the managethe friction material subThe current form the harmonious base rial expertise; (3) there TV sidiary, in the Islands arid assets/liabilities ratio on which the. group was built. The group was set up as a partnership with each member making an equal contribution of capital. course of. a feasibility study prior to the establishment of the group, it had become clear that it could be very difficult for the group to be responwas some loss of control — the individual was free IN ew Dre: sident oi Australia. dropped from 1.76 to 1.55; to change machinery at will, whereas the group member must of necessity be tier. by stricter wool merchants When will thev start At the beginning of each financial year every member prepared an annual work sheet, listing as sible for the total drilling acreage because of the critcal climatic conditions required ,for this rules, which usually demanded a capital appraisal ' before a decision was made; and (4) the peak Mr T. F. Mannell, a director of Mannell and Follick Limited, woolthe executive of the federation since 1976 and was formerly North Island vice-president. Other officers elected were:— North Island vicea trading bank? accurately as possible the work he required to be operation in the district. However, because of the and slack periods tended to become more accenbuyers and exporters of Cambridge, has been (Ex NZPA Staff Corressaid that he believed the merger would be beneficial in preventing further corporate competition — with Challenge and Fletchers each seeking to gain economic advantage over the other by acquiring smaller companies dove-tailing with their existing operations. There seemed widespread relief that the Fletchers’ take-over bid for Carter Holt would be dropped. done and the month in which it was to be carried increased cost of energy, the concept of direct drilltuated. However, given the right elected president of the Federation of N.Z. Wool president, Mr . M;.-. Hardy (Gisborne); South Island • • pondent) Tokyo out. 'rom these the aping and minimum tillage manager and harmony bemembers of the group these disadvantages were not insurmountable and were decidedly outweighed by the advantages of syndication . Some of the advantages that he had found were (1) higher capacity and Merchants. vice-president, Mr ' R. G. The 64-dollar question proximate work load for the year could be worked out. By the beginning of each month every member supplied the manager with, his monthly work sheet which detailed the. exact work to be done, and the had become attractive and a sub group of six members had recently bought a 20ft air seeder. The average area cultivated over the . last ‘four years' had been just over 7000 acres per year. Working expenses had Bom in Masterton and educated at Wairarapa College, Mr Mannell holds a wool diploma from Massey College. He served with the Royal New Zealand Air Force in the Pacific during World War II. He has been a member of Stewart (Invercargill); North Island executive, Messrs- C. M. Reid (Waipukurau) and R. A. Weber (Palmerston North); South Island executive, Messrs P. Kinsman (Christchurch) and R. J. McLean (Invercargill). being asked about the proposed Fletcher-Challenge merger by some 40 New Zealand senior company executives visiting Tokyo is when the new conglomerate will be given authority to start a trading bank. There seemed agreement among more than 15 of them interviewed at the New Zealand-Japan businessmen’s council meeting here Several company executives who believed it worthwhile that Carter Holt cqn-i tinue as a separate identity) added, however, that they) expected . further mergers' would take place among that it would be logical for the group to seek such a licence. ■ • It was thought by several ■ nMy major New Zealand coman ii— 9 ■ A executives that operation of panies within the next few ■ a trading bank would fit months. . n well with the conglomerate’s corporate activities and would be a natural extension of its current interests. The executives .. interviewed sought - anonymity but none expressed opposiThis was likely, they said, because of the financial reFarmers! 1 straints inherent in the economic difficulties New Zealand faced. Daily volume . - r « tion to the merger and all believed it in the national A total of 828,907 shares was'•traded on New Zealand Al interest that the two corporstoclc .exchanges yesterday, ate giants on the New Zea25,019 inore than on Wednesi lii: land business scene get together. „ , j, Most of New Zealand s top trading companies are represented at the council meeting by top level execuday. .• ' <- Industrial shares totalled 745,667 (778,788 on Wednesr day), and 83,300 mining and oil shares were traded (24,100 on Wednesday). / ■ ■ A total of 138 issues was K* Wl “ ■ ■ They pressed in yesterday traded. morning on Mr A. B. DownThe five most active issues t ey, • a director of Fletcher Holdings, for copies of statewere: Challenge . - 124,500 ■ ./v.’ ments announcing the two companies’ intentions. Surprise was evident. But one top textiles executive Odlins • • 97,600 Fletcher .. . ■ 61,800 Sth Min. . . .. 35,000 Wattie .... 26,700 J. A • Closing quotes w Ljr % — Milling, oil. Mair cb 200 *4? Sides',' m!H!l BBm Buy Sell Consilver 13 14 LandMOIl 36 3< MlneralRes - . .90 100 NZPetroleum MO 600. SthCross . — 53 No. 1 board Marac 280 ~ Midland 22a Do, cv pf 190 200 Montana 153 — MO’Brien xd — ®a Do, cv pf — ,55 MHold 138 14o MSICorp 98 100 MtCook l€0 162 nil Ajax ■ ■ 295 — Natans - 192 ★ Nilverm has no withholding period. ★ Nilverm is safe to use at calving and on Alcan AlexHarvey 222 223 NZCement cd J00 ■ NZFCo-op cd. 107 103 Do, cv pf 83 8a w.; a Do, CV pf , — 52 Allflex — NZFert cv pf ' I3o — Do, 14pc cp — J40 lactating dairy cows. rA / 11 AEdBv x<2 - 126 Do, cv db — 110 Do, cv pf ,77 Andas cdi 110 120 AshB cd 280 310 NZForest 390 39a NZIns ' 242 24a Do, cv pf 16a 170 NZLand — ,2? NZMotor — 1?? ★ There is no risk of residues in the milk. ★ No milk wastage. 11 ABCables - 205 Atlas 29 32 ANZBank 247 2a0 NZNews 210 alb NZRefininx 103 — NZSteel 184 — ★ Nilverm is effective against all major Autocrat xd TZ Ballins /6 . . 77 Odlins. 82 ba 121pc cv pf — W rrnindworms and lunaworm. I 1 Do, cv pf 60 — BNSW — 41? 13pc cv pf 58 62 PDL 14o laO BNZFin — 27o Printpac cd 21a ★ Nilverm is quick acting. f ' Brierley cb cd cl — 4C0 BHP xd — 23.10 Bunting — 90 CPD 32? — Do, cv pf — Do, cv pf l‘° 180 QMorris 100 10a ★ Nilverm is used by more New Zealand RadioAvon l‘O I' 3 Rothmans 110 farmers than any other drench. i CFCA cd — 20o Do. cv pf — I* 0 Skellerup cd SmithCM }?” SFMeat contrib — SteelTube — CF.M cd cb don’t sell M2 250 Do cv pf 165 170 CantTimber 325 — Do, cv db 300 — CarterHolt 360 365 Ceramco — 20o | Suckling 160 THEEFF ECTlVENiLVI ERMPROGI RA 1 Tainian +50 4,0 1 Taylors l -0 ) Do. cv pf U“.

] E *xnerience with machinery sy ndicate Commercial —1 /'It is ditticun .u say just what my financial position would have been if I had not joined the group. I dp know I would have had to employ’ more labour, work, longer hours or let other aspects of my farming practice suffer, • and replace my • tractor and probably other equipment ... 1 fee! that the formation of‘ the group has been amply justified." Mr. D. J. (Don) Davison, of Te Pirita. said this this week speaking at a field day at Methven. on the subject of farm machinery ownership organised by the Canterbury-Westland branch of the New Zealand Society of Farm Management. He belongs to Te Pirita Enterprises with eight other farmers in the Te Pirita-Dunsandel area who jointly own and operate a range of farm machinery. Mr Davison was the first chairman of the organisation. The farmers in the group, which was established in 1976, farm a total of 2720 ha (6800 acres). They run in excess of 27,000 sheep and while six of the farms are almost exclusively sheep farms the other three have varying amounts of crops. The group employs a working manager and his house and depot are centrally situated with all farms in the group being within a radius of 15 kilometres, of the base. Each month the members of the group meet in one of their homes with the manager and sometimes the accountant, Mr Pita Alexander, who initially brought the group into being. Mr Davison said he felt that.-these meetings had helped to form the harmonious base on which the. group was built. The group was set up as a partnership with each member making an equal contribution of capital. At the beginning of each financial year every member prepared an annual work sheet, listing as accurately as possible the work he required to be done and the month in which it was to be carried out. From these the approximate work load for the year could be worked out. By the beginning of each month every member supplied the manager with, his monthly work sheet which detailed the. exact work to be done, and the date it was to be done by. The manager and chairman then correlated the total area of each type of operation and with well established conversion rates the total number of working hours for the month were calculated, and if extra labour was needed this could be planned for in advance. The manager recorded each day’s work and at the end of each month met with the secretary to bill each member for work done during the month. Each year charge-out rates were reviewed in the light of increased costs and the amount of work likely to be done. Sometimes there, was resistance to increased charge-out rates to cover increased costs, especially when other high priority areas existed, but in retrospect it had been a wise decision to do this to avoid a later shortfall in cash for replacements. The main items owned bv the group are a tractor in the 130 horsepower plus range, a seven-furrow plough, 16ft grubber, 16ft chisel plough, 18ft harrows, two 10ft heavy rollers pulled in tandem, a mower and a shower sheep dip. A rotary hoe is hired from a member when required. Mr Davison said that most members still owned their own smaller, older tractor for raking, feeding out. Cambridge rolling, and drilling, as well as the usual plant like utility vehicles, motor-cycles and chain saws. In the first four years all cultivation had been increased rapidly from $10 per. acre in 1977 to over S24 this year, but part of this was due to the increased maintenance required on such items as the plough and grubber, which they had decided to retain longer before replacement. The fuel cost had increased from S2.76 to $4.40 per hour. The whole idea of cooperation between farmers was foreign to many’, said Mr Davison. Naturally they had been the subject of much discussion and initially many had been waiting for the whole venture to fall aoart. But cynicism about the group had now practically disappeared. j MR DAVISON There were of course disadvantages and some of the most obvious of these were (1) a certain loss of independence or individualitv although he thought it was more imagined than real; (2) there could be some inconvenience depending on the operation and the managerial expertise; (3) there was some loss of control the individual was free more specialised equipment had been purchased; (2) increased financial strength and creditworthiness; (3) increased time for strategic planning and leisure; (4) increased job interest for employees; and (5) a considerable saving in energy had been apparent After the initial euphoria wore off a person was able to step back and reflect on the successor otherwise of the move, he said. A highlight had been the bonding of the members'of the group into a team. Most • problems which arose were dealt with quickly and there was a sense of achieving something worthwhile as a group While he did not seem to have- much increased leisure as a result of joining the group, Mr Davison said that he had been able to devote more time to sheep management resulting in an improvement in animai! performance and quality. The boredom of long hours spent on the tractor no longer existed as some drilling and cambridge rolling were the only jobs that he did himself. At regular intervals it had been the policy of the group to review the need to replace the tractor. There was no hard and fast rule to guide them, and invariably the price gap was looked at in the light of what it was likely to b<- in a year’s time. After their initial experience of owning a sec-ond-hand tractor which had performed . well, they had experienced their first major pain of a replacement cost gap. which was accentuated by a poor trade-in value. Their expenence had.shown that a wise choice of make could be a great advantage when the time came for replace- i ment. Although all syndicates in Canterbury put money ■ aside for future replacements, inflation, had made it a difficult area to budget for. Because of high repair and- maintenance costs they endeavoured to buy ! new equipment, but when j this was not possible suit- 1 able second-hand machines : with some warranty had '■ been considered. Although ■ it would , be ideal to be ' able to replace the tractor on a regular basis, because of the incredible rise in prices the feeling . of the group now was that if the machine was’ performing up to standard there migh' be a case for replacement at longer intervals and accepting a • higher repair and replace- , ment bill. With scarce resources and high costs in farming today, Mr Davison said it was, essential that efficiency. should be increased. He felt that one of the mosteffective ways of achieving that was the sharing o’’ high cost machinery through the formation of syndicates, and the further development of this movement would be done by informed people conveying the fundamental rules that had stood the test of time, but there were too few of these poepie in New Zealand. •‘The adjustment to taking group intsead of individaul decisions and learning to operate in a board/manager/executive structure is a new exA. and ] for Andrews and Beaven.'Xtd.j Christchurch-based manufacturing engineer, sees good, areas of expansion- during 1 , :he development of the! major resource projects j alanned for New Zealand byi ■he mid 19SOs says the man-j aging director (Mr W. B.l Bea ven). > In his review with thei company’s annual accountsfor the year ended June 30 ‘ Mr Beaven says that this! growth will benefit a wide; section of the engineering! industry, but particularly > those companies manufac-. turing and distributing inter-nationally-known quality products. In the years leading up to these developments the main thrust of. the group will lie in increasing its efficiency, and in promoting products for export-related industries. The marked profit improvement in the year under review, in which profit doubled to $2,015,778 when the economy showed little growth, was largely the result of improved efficiency. Exports increased, but did not reach the budgeted figure of $750,000. Price rises in a number of products. especially fork lifts, meant that orders were more difficult to obtain. Sales of wood processing machines to Australia were not as buoyant as originally B. keeps efficien “Prospects for exports ini the coming year, unfortu-! nately at this stage ’do not 1 appear to be quite' -; good j compared to 12 months ago” says Mr Beaven. I -- “Two new projects are currently being developed. We will record in this com-1 ing year our first major export of diesel- generating! equipment to the Pacific Islands. Much capital expenditure was incurred in'a year ini which the company was trying to consolidate its activities. Additional land was pur-; chased in Christchurch, Te ; Rapa, Tauranga, and Ro--torua, and additions were made to buildings in Te Rapa and Rotorua. More of the latest machine tools were purchased for the Christchurch factory and Don Agencies, and Buchanans was remodelled and improved. In addition to the trading profit of $2M, extraordinary items contributed $456,235 compared with $177,274 the year before. The provision for tax increased from $748,413 to $1,293,448. and minority interests took 868,560 (last year $23,552). The share of earnings of associate companies rose from $4793 to $27,343. As announced, the ordinary dividend was increased from 12 to 14 per cent; it is covered twice. The earning rate on shareholder;’ funds rose from 5.8 to 10.3 per cent. The current assets/liabilities ratio dropped from 1.76 to 1.55; looking icy i! r* tet asset backing for each , 100c share improved from ® 265c to 302c. At the market ..' value of 120c the shares tave a dividend yield of 11.7 per cent and a P.E. ratio of 4.3. ” Referring to trading in the latest year. Mr Beaven says , that nearly all divisions and:' subsidiary companies improved their results, “some ' quite markedly by improved 1 efficiencies.” L The manufacturing, agri- . cultural, construction much- ’’ inery. and material handling ; divisions particularly had n j, good year, and the industrial , power division made a good p come-back. !/ The chairman (Mr W. B. “ Barnes) says in the direct-j ors’ report that for a num- ' ber of years the group has T been investing heavily in|! new computer equipment.;; programmes, and systems “and some of . this in-T vestment is now showing al" worth-while return.” 1" But Mr Barnes expresses l a concern over rises in costs.! which “in many cases ex- b ceed the rate of inflation.” t and stock levels —■ which/ rose because of factors out-p side the company’s control.-t Storks will be reduced pro-1 gressively this year, he says. 11 and the' management will 11 keep tight control, and will a continue to improve efficien-;r cv. T done by the syndicate except for drilling, which was done only on a limited scale when time permitted using drills hired from members. In the course of a feasibility study prior to the establishment of the group, it had become clear that it could be very difficult for the group to be responsible for the total drilling acreage because of the critcal climatic conditions required for this operation in the district. However, because of the increased cost of energy, the concept of direct drilling and minimum tillage had become attractive and a sub group of six members had recently bought a 20ft air seeder. Hie average area cultivated over the . last ‘four years' had been just over 7000 acres per year. Working expenses had and education is required he said. projected. Good sales were made on a number of smaller lines. New ui’C! sident of an excellent progress was made by Don Agencies — the friction material subsidiary, in the Islands and Australia. Backm Solid investor sup merger pushed the N.Z : moderate New Zealand s 13.23 points to close at three companies were Fletcher 65c to 495c, ai also benefited from the gaining 22c to 400e. NATIONAI Alcan; 200 at 165; AHarvey,s 2900 at 223; Alliance, 3900 at- 60, ■ 2000 at- 58; AFCoop, 1500 at 290; , Allflex 200 at 113, 900 at 111; Ampoh 300 at 230; ’Andas, 1001 at 115: ANZBankNZ, 1300 at 24j, , 1000 at 243. 100 at 245, 600 at 24*, < 2100 at 248: AEllis, 10,200 at 20; AYates. 1400 at 380; Atlas, 6000 at 90 and 10 pc pf, 4200 It 23; AkGas,. 600 at 495; Aurora, 84 nts, 2000 at IbO, Ballins. 1300 at 76, 1600 at '?> and con 2400 at 62, BNSV», 100 at 402: BingH, 1300 at *0; BNZFin, 200 at 27.i; _ BridgCon, 300 at 150; Brily.. 10,(00_at 39a, BOS 2000 at a2; B-HP, 200 at 2300: Bunting, 1700 at 90; CPD, 5700 a; 225 and con pf, 1000 at 197; CFCA, 500 at 203; CFM con pf. 300 at 1,0; CanTim, 2800 at 330. 3000 at 32a and con;deb. 100 at 300; Carter HoU,, 10,009 at 346, 7800 at 36a. 10') 11 i I 3,>5. 200 at 340. 3500 at 34a, 2300, at 345, 100 at 350; Ceramco.. 28UJ | at 202, 2800 at 200 and con pf, 400 11 to change machinery at will, whereas the group member must of necessity be tiec. by stricter rules, which usually demanded a capital appraisal ' before a decision was made; and (4) the peak and slack periods tended to become more accentuated. However, given the right manager and harmony bemembers of the group these disadvantages were not insurmountable and were decidedly outweighed by the advantages of syndication . Some of the advantages that he had found were (1) higher capacity and wool merchants Mr T. F. Mannell, a the executive of the federdirector of Mannell and atl0n since 1976 and was _ , ,. ., , , formerly North Island Follick Limited, wool- vice .p re s ident . buyers and exporters of Other officers elected Cambridge, has been were:— North Island viceelected president of the president, Mr M. Hardy Federation of N.Z. Wool (Gisborne); South Island Merchants. vice-president, Mr' R. G. Bom in Masterton and Stewart (Invercargill); educated at Wairarapa North Island executive, College, Mr Mannell holds Messrs- C. M. Reid a wool diploma from (Waipukurau) and R. A. Massey College. He served Weber (Palmerston North); with the Royal New Zea- South Island executive, land Air Force in the Pa- Messrs P. Kinsman cific during World War II. (Christchurch) and R. J. He has been a member of McLean (Invercargill). When will a tradin, (Ex NZPA Staff Corres- • • pondent) Tokyo The . 64-doIlar question being asked about the proposed Fletcher-Challenge merger by some 40 New Zealand senior company executives visiting Tokyo is when the new conglomerate will be given authority to start a trading bank. There seemed agreement they start g bank? said that he believed the merger would be beneficial in preventing further corporate competition — with Challenge and Fletchers each seeking to gain economic advantage over the other by acquiring smaller companies dove-tailing with their existing operations. There seemed widespread relief that the Fletchers’ take-over bid for Carter Holt would be dropped. among more than 15 of them interviewed at the New Zealand-Japan businessmen’s council meeting here that it would be logical for the group to seek such a licence. ■ • It was thought by several executives that operation of a trading bank would fit well with the conglomerate’s corporate activities and would be a natural extension of its current interests. The executives .. interviewed sought - anonymity but none expressed opposition to the merger and all believed it in the national interest that the two corporate giants on the New Zealand business scene get together. „ , j, Most of New Zealand s top trading companies are represented at the council meeting by top level executives. They pressed in yesterday morning on Mr A. B. Downey, • a director of Fletcher Holdings, for copies of statements announcing the two companies’ intentions. Surprise was evident. But one top textiles executive Several company executives who believed it worthwhile that Carter Holt continue as a separate identity added, however, that they expected . further mergers would take place among ■ Da try ■ major New Zealand companies within the next few months. This was likely, they said, because of the financial reFarmers! i straints inherent in the economic difficulties New Zealand faced. Daily volume A total of 828,907 shares was Traded on New Zealand stock .exchanges yesterday, 25,019 more than on Wednesday. ■■ ' - ■ ■’/ <■ Industrial shares totalled 745,667 (778,788 on Wednesr day), and-83,300 mining and oil shares were traded (24,100 ■at 105; Challenge, 400 at 10.300 at 390 . 8300 at 39a, 8,00 at - 385 , 300 at 350 , 95,000 at 380 and 16 pc con pf, 200 at 380. 400 at 335; ColMotor, *00 at 18a; Wat, 700 at 11-5; ConMetal, 700 at iVo; CoryWS, 1000 at 118, 200 ■at 116 and con pf, 100 at 9a; Crown- 3100 at 18a .and con pf, 11 200 at 182, 1600 at 180 and rts, 1260 at 22, 3597 at 23, 3700 at 2a: DalgetyNZ, 2600 at 235 , 400 at 240; DK, 200 at 60;.DIC, 300 at 160; DingPaul, 500 ,:at 180; DMctWal, 3000 at 102; DomBrew, 11,300 at 78,' 4400 at 77, 200 at ,6; Donaghv, 3200 at: 257; DRGNZ, 6700 at 3‘2;- DunlopNZ, 100 at 33o; Ebbs', 2000 at TOO; -Endeavor, 8800 at 135; FTC, 900 at 103 and con pf, 400 at 80 Feltex, 6000 at 145, 12.100 at 145; Firestone, 200 at 122, 500 at 120; Fletcher, 4100 at 475. 14,400 at 490, 2550 at 435, 15 600 at 430, 18.400 at 495, 1300 at 460, *00 at 470 . 2000 at 500, 6a0 at 482 2100 at 450; Fan'dP, 800 at 198. 300 at 200; Frtways, la,300 at 165; GBCem, 10,400 at 47; Goodman, 1400 at 265; HB, 200 at 24a; HBFarm, 2200 at 230 and con pf, 1100 at 155; Hawkins, 2=00 at 6a on Wednesday). / 4 A total of 138 issues was traded. The five most active issues were: Challenge . ■ 124,500 Odlins 97,600 Fletcher .. . ■ 61,800 Sth Min. . . .. 35,000 Wattle ■ - ■■ 26,700 Mi/ J'.A. ■ Clneinff niiotes 4 JIA/ A l! Milling, oil. Mair cb 200 TJEdmonds 295 320 Tolley I™ 130 TransAshb — TNL. lOpc cv pf cd 68 12pc cv pf Cd 70 — TranspNC ■ 96 100 UEBInd 104 106 Do, 15pc cp ’ 2* ~ WaitakiNZR 1?8 202 Do, cv pf -t” Wattles cd 128 130 WilkinsD 210 — Winstone *0 <2 No. 2 board AJW.hite don’t sell cd 125 135 Alloy 210 — ABamett 202 — AYates — Do, cv pf cd 140 — AuckGas — o8 ° Aurora cl cd 180 — BingHarris 6* — Brother 6a — CRoller . laO — Carboniclce 2,0 290 Chenery ' 14a — CRealties •’+ Civde cd 100 — Do, cv pf 38 92 Collingwood 80 Do. cv pf 23 — ColMut. . 130 190 Cooks — Ia0 Do. rights 40 — • iCorvWS cv pf 114 — 1 CSR 95 -- ; DRG — 8* 1 DunlopAust — 135 : ELichten cb 22a — | Fountain -- I'+O i Gear cv pf 60 — ; *4? "Sides',- JUllSlI Bm Buy Sell Consilver 13 14 LandMOIl 36 3< MlneralRes - . .90 100 NZPetroleum MO 600. SthCross . — 53 No. 1 board Marac 280 ~ Midland 22a Do, cv pf 190 200 Montana 153 — MO’Brlen xd — ®a Do, CV pf — ,5? MHold 138 }4a MSICorp 98 100 MtCook l€0 162 1 ULr/llll Bnl ★ Nilverm has no withholding period. ★ Nilverm is safe to use at calving and on lactating dairy cows. ★ There is no risk of residues in the milk. ★ No milk wastage. ★ Nilverm is effective against all major roundworms and lungworm. ★ Nilverm is quick acting. Nilverm is used by more New Zealand farmers than any other drench. i * I Ajax . ' 295 — Alcan I™ -77 AlexHarvey 222 223 Natans - IO 2 NZCement ed 100 — NZFCo-op cd 107 103 Do, cv pf 83 8a £11 Do, cv pf — ,52 All-flex — 114 AndBv x<5 — J 20 Do, cv db — 110 Do, cv pf ,77 Andas cdi 110 120 AshB cd 280 310 ABCables — 2to Atlas 29 32 AXZBank 247 2o0 Autocrat xd TZ Ballins /6 . . 77 Do, cv pf 60 — BNSW — 41? NZFert cv pf ' I3o — Do, 14pc cp _14O NZForest 3M . 395 NZIns ' 242 24a Do, cv pf 16a 170 NZLand — ,20 NZMotor — 158 NZNews 210 215 NZRefining 103 — NZSteel 184 — Odlins. 82 33 12ipc CV pf — 53 13pc CV pf 58 62 PDL p g BNZFin — 27a Brierley cb cd cl — 400 BHP xd — 23.10 Bunting — 90 CPD 22? — Do. cv pf — CFCA cd — 205 Do. cv pf — 1*0 CF.M cd cb don’t sell 242 250 Do cv pf 165 170 CantTimber 325 — Do, cv db 300 — CarterHolt 360 365 Ceramco — 20o Printpac cd 21a Do, cv pf J80 QMorris 100 10a Do, cv pf 77 RadioAvon l‘O I'® Rothmans Li.Skellerup cd 3C5 aio SmithCM 123 SFMeat contrib — J™ SteelTube — ‘“I 1 Suckling I6<) Ll? THEEFF ECTlVENiLVI ERMPROGI RA 1 Tainian +50 4,0 1 Taylors J20 j Do. cv pf ri-

GCdurt cb cd 123 —- GJColes —— 310 HBFarm cd 225 —— Do, cv pf 150 Healing —— 315 HendPollard —• 310 JWatson don t sell —— 400 JEdmond 175 185 JNathan —— 150 Kearns 150 — Lanes 40 — Levland cd ci no Mainzeal 15 pc cv pf — 70 Manthei 150 MorrPlm —— 200 Do, cv nts — 200 MotorTrader cd —— 62 Naylor Love 135 Neil 30 45 NZIGas —• 350 NZMctorBod cd 85 90 NZUnited cd 300 Nuhaka 215 Optical — 60 OtagoPress 115 — Pavroc 100 —T Permlnv cd 85 —— Prestige —— 75 Prudential 102 Regina 101 105 ReldFarw 255 Rheem 140 — ScottGroup 62 75 SBioIab cv pf 135 — UtdBullding 100 ! WalkerHall — 470 1 Waltcns — 115 1 WillJetf xci 135 150 Do. cv pf 110 — ' Wilsor.Dist 83 —— j WHorton 34S ■ WXeil’ —• 124 : WormaldNZ 250 275