Briefs

Press, 10 January 1986, Page 8

Briefs

FTC bank? The retail firm Farmers’ Trading Company, Ltd, has confirmed it wants a tradingbank licence. The firm wants to include banking and across-the-counter insurance sales in a multi-million dollar store revamping. FTC’s chief executive, Mr Peter Healey, said Farmers’ already offered a simple deposit and withdrawal service at its Hobson Street branch. “But we have an excellent nationwide computer system which could be used for banking operations,” he said. “We are. certainly looking at a banking licence when deregulation comes.” Exchange project Mr Bill Postgate has been retained by the New Zealand Stock Exchange as project manager for the exchange’s computer installation programme. Mr Postgate, a financial systems specialist, will work on contract. He was responsible for setting up the SWIFT (Society for Worldwide Interbank Financial Telecommunications) network in New Zealand. The exchange has also appointed Mr Jim Sharp as executive office supervisor. He has been office manager of an engineering firm for the last 14 years. Pira One The Pira One exploration well in South Australia’s Cooper Basin has been cased and suspended pending further testing. The operator, Delhi Petroleum Pty, Ltd, reported earlier that the first drill stem test in the Toolachee formation flowed gas at the rate of 135,353 cubic metres a day, accompanied by 62 degrees API condensate at 394 barrels per day.

Leyland Growth Shareholders in Leyland Growth, Ltd, will be asked to approve an issue of share options to NZI Investment Services, Ltd. The issue would be of IM options exercisable as to the purchase of 500,000 shares at 110 c each in 1988 and 500,000 shares at 150 c each in 1991. American cars The American car industry recorded its best sales in six years during 1985, selling 8.2 M American built cars while sales of imports climbed to a record of about 2.8 M. The sales were spurred by the Detroit car manufacturer’s re-intro-duction of low interest rates on car loans. Imported cars, mostly from Japan improved their share of the American market to about 27 per cent from 23.4 per cent in 1984. European luxury-car makers such as Mercedes-Benz BMW, Audi, Porsche, Sab-Scania and Volvo each set new sales records in the U.S. market. Industry analysts also estimated that sales of new trucks passed 4.6 M units in 1985, a record which pushed total vehicle sales to their highest levels ever, about 15.6 M. Westpac The extent of the Westpac Banking Corporation’s diversification from Australia to insulate itself from intensifying competition in the domestic banking industry is revealed in the bank’s 1984-85 annual report. Of the bank’s total assets of sAust 49.15 billion (JNZ71.75 billion), 28.3 per cent were held overseas in 1984-85, compared with 22.0 per cent a year before. As well, 23.9 per cent of revenue totalling ?Aust6.2l billion (5NZ9.06 billion) in 198485 was derived overseas compared with 17.9 per cent a year before.