CHRYSLER CUT-BACK

Press, Volume CV, Issue 31057, 12 May 1966, Page 25

CHRYSLER CUT-BACK

No Upset To Stock Market

(N.Z.P. A.-Reuter—Copyright) NEW YORK, May 10.

Chrysler today became the third major United States car firm to announce a cut-back in production, but the news did not appear to unnerve the stock market as did the previous production cut announcements.

The Chrysler statement came as the New York stock market was showing its first spirited gain for some days. In fact the market posted a healthy gain after suffering its worst setback yesterday since late 1963. The Dow Jones industrial average, a leading barometer, closed with an 8.68 point advance, at 895.48. Yesterday it slumped 16.03 points. Volume was 9,050,000 shares —not much below the 9,290,000 shares which changed hands yesterday. Dom. Finance Take-overs Dominion Finance, Christ-church-based finance group, has further extended its interests with a take-over of three Gisborne companies. The companies acquired are Eastern Advances, Eastern Enterprises, and Tuahine Investments. These companies are now wholly owned subsidiaries. Purchase was by means of a share exchange. Press Profit £79,987 The net profit of the Christchurch Press Company, Ltd., for the year to March 31 was £79,987 against £62,042 last year. The latest result is after providing £46,684 for depreciation (£37,541 last year) and £79,112 (£61,376) for taxation.

The dividend is a steady 10 per cent, but at the last balance date the shares from the bonus issues did not rank for a full year’s dividend. The dividend requirement this year is therefore raised by £5OOO to £35,000.