MOTOR SPEC. TAKE-OVER

Press, Volume CV, Issue 30978, 7 February 1966, Page 17

MOTOR SPEC. TAKE-OVER

Reboring Firm Acquired Press Association) WELLINGTON, Feb. 6. Motor Specialities, Ltd., Auckland, has made its second take-over in the engine reconditioning field by acquiring the assets of F. J. Pickup, Ltd., Hamilton. Consideration was 40,000 5s shares. The activities of the Hamilton company have been merged into those of Engine Rebores, Ltd., which already operated an engineering shop in Hamilton. Engine Rebores, which operates eight engine-recondi-tioning shops in the North Island, was acquired by Motor Specialties last November. The entry by Motor Specialties into the engine reconditioning was a logical extension of its activities, the managingdirector, Mr J. F. Johnston, said at that time.

Preparing For New Currency

Three executives of the A. Bank will go to Australia today to study the effect of the change to decimal currency on February 14. They are Mr W. J. Sisam, an administrative officer, Mr M. P. Hirtzel, manager of the methods department, and Mr C. E. Hassall, manager of the stationery department. Another bank officer, Mr R. B. Sturrock, of Wellington, has been in Melbourne for 12 months preparing for the introduction of decimal currency in New Zealand in July next year.

N.Z. Reserves £so.6ni.

(N.Z. Press Association) AUCKLAND, Feb. 6. Net overseas assets of the New Zealand banking system on January 26 were £50.6m, compared with £slm on January 19, and £66.9m on January 27 last year. These figures were announced by the Reserve Bank.