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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Apr 07, 1972
Page
6
The February data show total instalment credit balances for retail and non-retail finance at 1,789 million, up 6.5 percent year on year. January lending fell to 83 million with motor vehicle lending down sharply. plant machinery and personal finance also declined. Wages lost through industrial disputes in January reached 773,700, marking the lowest monthly figure since 1969.
Australia’s trade data show Japan taking 29.1 percent of exports at 694.4 million while Britain and the United States trail. Exports to the US reached 3,118 million (13.1 percent), Britain 1,946 million (8.2 percent). Imports from Japan rose to 16.5 percent. Britain and US also higher. Meat and wheat exports to Japan surged, iron ore up, while some metal imports and US imports declined.
O'Neill Industries Ltd reports a loss of 331 187 in the December half year and a takeover offer of 50c per share from a company controlled by chairman T G O'Neill. O'Neill Envestments Pty Ltd to buy 2,437,500 non‑owned shares in Brisbane based company. Directors note revenue up 3.2 percent to 434 700 while profits fall and warn private ownership may continue if offer accepted.
Queensland Press Ltd will pay a trendy interim dividend to a share on May 17. Kedara reported yesterday that unaudited figures for the half year to March 31 showed that
Kyoto Thursday AAP Reuter The main worry of Australian iron ore producers is Japan taking on new commitments elsewhere Hamersley Holdings chair Russell Madigan said Japan has cut negotiations for major projects in South Africa and South America He noted Japanese openness to Australian liquefied natural gas and potential joint ventures in agriculture mining and other industries with Australia at the Japan Australia Business Cooperation Committee meeting
Dunlop Australia Ltd reported satisfactory trading for the six months to December 31 1971 despite tough conditions. Directors said that with marketing conditions holding and potential government stimulus easing consumer spending confidence should rise and current profitability levels can be maintained. The report notes a jump in net profit and group sales, but 1971 faced rapidly rising costs that offset increased turnover. A $24 million loan taken in December will be repaid from internal liquidity generated by a program to balance liquidity with faster sales growth.
A Western Australia merchant bank named Wendell Ltd will be set up with 50 per cent owned by Westralian Farmers Co-operative. K W Edwards Wesfarmers general manager said the initial paid up capital was 750,000 with 25 per cent held by Bank of New York and Development Holdings Ltd. Wendell will focus on merchant banking to advance WA business. Directors include K W Edwards chairman, F O Downing representing Bank of New York, R M Graham Wesfarmers finance manager, and R W Marshall executive director of Development Finance Corporation Ltd.
In Sydney, Minister for Labour and National Service Mr Lynch linked inflation to union pressure and monopolies in industry and commerce. He warned that dominant firms enable price fixing, wage pressures, and delayed competition, urging stronger competition, wage restraint, and reform in Trade Practices and tariff review to secure a more competitive Australian economy.
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