Briefs

Press, 26 December 1987, Page 9

Briefs

SI7OM injection The Reserve Bank injected $l7O million into money markets on Thursday by means of sellback transactions. Sellbacks worth $73 million maturing on December 31 were accepted at 17.65 to 17.90 per cent, $47 million worth maturing on January 5 at 18.01 to 18.26, and $5O million worth maturing on January 6 at 18.04 to 18.18. Bids totalled $427 million. Resigned Hamish Mac Kay has issued a statement saying that he resigned as a director of the stockbroking firm of Paine Belcher late last week. He said this following announcement by the Stock Exchange of the suspension of Paine Belcher. Mr Mackay said he

resigned as a director of the firm on Friday, December 18, for reasons "totally unrelated to the current difficulties encountered by Paine Belcher”. Berth sales Wilkins and Davies Marinas, Ltd, has suspended sales of any further berths at its planned marina at Nukuhau on the shores of Lake Taupo. This follows a decision by the Minister of Conservation, Helen Clark, to place a moratorium on development in the area Closure Feltex International is to close the East Tamaki factory of its wholly-owned subsidiary Slumberwool New Zealand, blaming high interest rates and the strong New Zealand dollar. Slumberwool’s manager, Mr Steve Walker, said the closure came only after big efforts to boost efficiency in the company, which makes bedding.