M. O’Brien still unsatisfied

Press, 17 November 1981, Page 24

M. O’Brien still unsatisfied

The position of M. O’Brien and Company. Ltd. the Christchurch footwear manufacturer, was still not considered satisfactory by the directors-, the chairman. Mr G. W. Hunt, told shareholders

at the annual meeting yesterday. The, latest review showed that while the half-yearly profit would be much improved on last year, it had

fallen short ol budget, he said.

“Beyond that, we have every reason to believe that the result for the full year will exceed $300,000 before tax.

“Having mentioned this figure, let me assure shareholders it is by no means what this board regards as a satisfactory result (by half).” Mr Hunt said.

Although the matters of closer economic relations with Australia, and the footwear industry study-had been quietened by the pending election, they remained profoundly disturbing to the directors and proprietors of manufacturing companies such as M. O’Brien. The activities of bureaucrats meddling in private investment had reached a new peak under the present Government, Mr Hunt said.

“They deny that investment is ‘private’ and they don’t trust the word ‘enterprise’ — they even believe it cannot operate without Government interference. “For the last 18 months we have lived under a cloud of anxiety in these two matters, which have stifled confidence and left us in considerable uncertainty as to our future, tending to make companies of our size vulnerable," he said.