Business in brief

Press, 29 February 1984, Page 32

Business in brief

Wallace holding Three directors of A. W. Bryant, Ltd, the unlisted Auck-land-based transport operator, have increased their shareholding in D. McL. Wallace, Ltd, from 11.96 per cent to 19.13 per cent, the D. McL. Wallace directors announced. Initially, two of the directors, Messrs G. D. Bowkett and H. K.' Baigent, had joint holdings of 11.96 per cent, which was declared on January 19, and since then a further Bryant director, Mr J. A. Jamieson, has also declared his joint interest. In addition the D. McL. Wallace interim dividend of 3c a share has been confirmed as tax-free. E. Lumley post Mr R. A. Hopkinson has been appointed the chairman of Edward Lumley and Sons (N.Z.), Ltd, the Wellington insurance brokers, and its insurance subsidiary, Blick Nicol, Ltd. In addition, Mr Hopkins, who joined Lumleys in Christchurch in 1958, has been appointed the chairman and managing director of Edward Lumley Investments (N.Z.), Ltd, the investment arm of the Lumley group of the companies, whose parent is Edward Lumley Holdings, Ltd, of the United Kingdom. Mr Hopkins has been the managing director of Edward Lumley and Sons (N.Z.) for three years, and will retain that post. The head office of the group of companies will shortly be moved from Wellington to Auckland Pacer bought National Bloodstock Corporation, Ltd, has bought the American pacer, Soky’s Atom,

a son of Albatross, the greatest producing sire of any breed in the world with his progeny having won more than SUSS6M. Soky’s Atom has won more than SUS7OO,OOO and been one of the top pacers racing in the United States between a two-year-old and a five-year-old. His latest three starts in the United States have yielded a second and two wins racing against the best class horses. Soky’s Atom will continue racing in the United States until May 31, before quarantine and travel to New Zealand. PNG changes Papua New Guinea plans to liberalise foreign investment regulations, according to the country’s first White Paper on industrial development. The industrial development Minister, Mr Karl Stack, told Parliament “it is proposed to liberalise procedures governing scrutiny of foreign investment in manufacturing ventures.” But Papua New Guinea would continue provisions on the gradual use of local staff and training programmes. Mr Stack wants to rectify the country’s unbalanced productive structure which is at the mercy of world commodity prices. E.E.C. reprisals The European Economic Community will go ahead tomorrow with reprisals against United States curbs on special steel sales from the Common Market, European Commission officials said. Sanctions will be introduced in spite of top-level talks between the Commission and the United States Government.

However, they said both sides wanted to avoid raising the political temperature of the dispute and the Commission had softened its position on certain points to go some way to meeting American objections. Personals In view of his impending retirement as managing director of N.Z. News, Ltd, Mr Nevile Webber has resigned as a director of Alternative Television Network, Ltd, which is predominantly owned by N.Z. News and I.N.L. His successor on the board of A.T.N. will be Mr Pat W'illiams, managing director designate of N.Z. News, Ltd. Mr B. H. Philpott has been appointed a director of CoryWright and Salmon, Ltd, the Wellington mechanical and electrical engineers, by a meeting of the company’s directors. Mr F. B. Whelan has been appointed the general manager of Allied Farmers Co-opera-tive, Ltd, the wholly owned subsidiary of Yates Corporation, Ltd, and will take up his new position when Mr B. B. Davidson retires. Mr Whelan is the manager of the rural division of Arthur Yates and Company, Ltd. Succeeding Mr Whelan is Mr S. H. Manning, the manager of Yates Corporation’s research division. Mr K. M. P. Smith has been appointed a director of Henry Berry, Ltd, the Auckland-based wholesale distributor of food products and machinery. The appointment fills the vacancy on the board caused by the resignation of the late Mr J. Macfarlane.