Chenery head attacks Govt

Press, 28 October 1982, Page 24

Chenery head attacks Govt

PA Auckland The Government has come under strong attack from the chairman of Chenery Holdings, Ltd, Mr Ken Wilson. He told shareholders at the company’s annual meeting in Auckland that Government controls on the economy were abhorrent, and said the Government favoured shortterm expediency rather than longer-term economic goals. It was unwilling or unable to create a climate in which companies could plan ahead, Mr Wilson said. Chenery had experienced a good year but a severe downturn in the Australian economy was having its effects

on exports by the Chenery subsidiary company, Ideal Tube Industries, Ltd. “Nevertheless, our markets and product lines are opening up and we are close to completing a new product which will recover a large percentage of lost sales in other areas.” As reported, net profit after tax was $885,000, compared with $813,000 in 198182. A final dividend of 12 per cent will be declared, making a total for the year of 22 per cent. The earning rate on shareholders’ funds at March 31 was 17.4 per cent, compared with 21.4 per cent.