Chairman retires

Press, 10 December 1983, Page 24

Chairman retires

The Colonial Motor Company, Ltd, says Mr Gerard Gibbons has retired as chairman and a director. Mr Gordon Gibbons, of Auckland, has been elected chairman and Mr John Gibbons, of Wellington, has accepted an invitation to join the company’s board to fill the vacancy left by Mr Gerard Gibbons, whose retirement was on medical advice. Gold price down Rising interest rates in the United States and concern over world oil prices knocked gold prices in New York down by more than SUSI 4 an ounce on Thursday reversing earlier gains in Hong Kong and Europe. Late in the day, gold dropped SUSIO an ounce within five minutes. Rising interest rates and a strong dollar have made gold, which pays no interest to holders, less attractive to hold. On the New York commodity exchange, gold for current delivery fell $14.50 to close at $388.90 a troy ounce. The dollar, which turned in a mixed performance in the early going, staged a late advance and rose to another record against the British pound.