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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Apr 06, 1966
Page
17
Fourteen economists examine the Vernon Committee’s Australian economy report in Economic Record. They praise the work’s major achievements yet critique key projections and policy recommendations, noting inconsistencies and calls for clearer economic reasoning amid disagreement on reforms.
Reviewers debate the Nernon Report and treasury strategies highlighting loans, interest, and reserves. Perkins of Melbourne University questions projected gains while others warn of higher costs and binding commitments that constrain foreign reserve payments and financial growth.
Finance Corp outlines a planned stock issue to enlarge capital by 866000, with dividends expected from the program. Directors anticipate a June distribution and a December remainder, while operations may be wound down if failures occur, and new shares will be offered to shareholders.
The report details corporate results with significant capital losses and a cautious outlook. It notes interim and full year figures, a reduced dividend, and planned per share adjustments. The piece mentions specific entities and dates, including investment actions and future payout expectations, reflecting a restructuring phase and ongoing shareholder impacts.
The chairman Mr Rome ald Palfreyman announced that due to Unb ties the company would go out of business. The firm, involved in merchandise between Britain, South Africa, New Zealand, and Australia, faces creditors deciding the method of sending. Shares and finance issues loom as the firm cites cost of maintaining services and strained connections.
Finance and industry news show stronger London shares retreating amid Labour victory and potential compensation terms. Steel stocks fall on fears of government action, while consumer and reserve figures drift. February and March monetary shifts reflect broader election uncertainty and international rate moves in the United States and Canada.
Directors of Courtaulds Aust say the short term outlook for tyres and fabrics is not encouraging. They cite weak demand and price pressures from competition as key factors. A lower sales outlook follows a period of reduced orders and rising input costs, with a broader market slowdown affecting vehicle components and allied sectors.
A garbled report describes Continental extending a stockholders' extension week in which the company anticipates acceptance. It mentions the Australia entity and a national secretary comment about stockholders and approvals, with unclear references to delays and parliamentary or regulatory actions.
United Empire Box Company plans takeover of Kantane Glendining Limited in Auckland. Directors approve recovery of assets with a cash payout of NZS25 022 to Be paid, plus 75 000 five shilling shares and 1 080 900 ordinary shares. The deal involves Steele's holdings and Glendining assets.
Market sentiment remained weak in Sydney with key industrials easing alongside the London price trend. Leading shares such as BHP and others fell while mining stocks traded lighter, with only a few gains noted and overall turnover subdued.
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