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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Apr 25, 1968
Page
4
On the Melbourne Stock Exchange BHP Broken Hill Proprietary shares climbed to a high of 22 80 with turnover over 1.5 million and total day trading surpassing 70,000 shares. Demand was intense from London and US buyers, with early activity strong and large parcels moving quickly.
Broken Hill Pty Co Ltd reported March iron production of 434 988 tons up from 395 542 tons a year earlier and February output at 415 566 tons. Steel output reached 40 285 tons vs 14 848 a year ago and 470 847 in February with Port Kembla mills showing the strongest gain. Federal bureau figures largely aligned with BHP’s numbers.
Travelodge Australia Ltd agrees to invest US9 million for 27.7 percent of Travelodge Corp of San Diego. TL Management Inc will hold the interest, with Trust Houses Group Ltd of the UK holding 2 percent. The deal consolidates Travelodge Australia’s 21 percent equity in TT and 5.8 percent direct in Travelodge Corp. Founding chair Scott King’s immediate family holds 600,000 shares, about 27.7 percent of TL Management’s stock.
The Travelodge Corp network controls 21,000 rooms across 400 motels in US and Canada, ranking second to Holiday Inns. A complex consortium plan links Travelodge Australia with US Travelodge, appointing Greenway, Crowther, and Manfred to the board as negotiations proceed for management services and interim profits.
Sydney journalist Frank Browne stakes a 74c per share offer for 40 percent of Shipping Newspapers shares in a bid to restore profitability to pre-1967 levels. Directors have not yet seen the offer and Browne plans an open, indefinite offer to acquire majority control, citing stalled profits and advertising declines.
Woolworths Ltd announced plans to open 15 new stores this financial year. Sir Then Kelly stated the move yesterday, outlining expansion targets and growth strategy for the retailer.
Comalco-Industries Pty Ltd will take equity in an alumina refinery to be built on Sardinia. The plant should start operating late in 1971, refining bauxite from Weipa, Queensland. Comalco commits to take 190,000 tons of the initial 600,000 ton annual production and aims to place goods in Europe.
Sir Theo, chairman of Woolworths, spoke at the Sydney AGM noting satisfactory sales and profits for the year ending January 31. He warned wage rises could spark inflation and outlined plans involving Comalco, Alsar, and EFIM in a broader aluminium and industrial development, including a new feed for the Sardinia Porto Vesme site and a proposed Sydney shopping complex project.
Two financiers announced new par issues totaling 30 shares to shareholders within two hours, aiming for a long term stake. Underwriters including Alliance Holdings Ltd and others secured a potential $4 million allocation, with initial bauxite refinery capacity and earnings projections tied to Beneticinllt and related entities. The March building approvals rose 28.1 percent to $182.4 million, with 11,714 new houses and flats approved, up 8 percent from last year.
Local transit service announces buses will resume operations by Saturday after a disruption. Officials say schedule will restore routes as normal and riders should check updated timetables.
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