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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Aug 12, 1971
Page
16
A fragmented report discusses a downturn in the Australian share market over the past year and the cautious mood across rural industries. It notes investors viewing downturns as entry points, highlights faith in wealth and growth, and quotes figures like Sir Cecil Looker and fund managers on debt and management practices.
The partners Hancock and Wright face a government inquiry over exploration work at the Angela reserves. Lang Hancock would not confirm whether they would comply with a ministerial request to move equipment, while Mr May stated the government does not intend to eject them forcibly and will not recognize further work by Hancock and Wright for recompense by operators.
Consolidated net profit per cent climbs from 12 per cent to 23 per cent with the year ending 30h Esrving rate. Dividend for the year stands at 12 per cent. Revenue figures include $61.90 per share. Company reports improving earnings and stakeholder returns amid changing rates.
The Gas Supply Company Ltd reports acceptances of its June 23 1971 offers for Brisbane Gas Co Ltd ordinary stock. It has received 92.83 percent in respect of shares not yet held and a further 28.2 percent subject to desmentation, with a takeover approved by stockholders. Final acceptance deadline given as August 31, 1970.
Rocla Reel Industries Ltd, a maker of allied products, declared a 16 per cent dividend despite a fall in net profit from 941000 to 722000 for the year ended June 30. Directors noted heavy capital outlay in Britain and Australia reduced earnings and ordinary capital rose to 194 per cent from 284 per cent previously.
Sir Alan Westerman, executive chairman of the Australian Industry Development Corporation, disclosed at a Melbourne luncheon that a consortium of five Australian firms bid for Minsee and Muntec assets. The AIDC would back a loan of 74 million dollars to keep mining assets Australian, with potential to block overseas takeovers. The bids were not accepted.
Sir Alan addressed criticisms of the AIDC and outlined its operations. He noted the Australian capital market was stretched, with overseas investment filling the gap. Inflows averaged 51,000 million over three years, and payable overseas had been doubling every three years. He argued the AIDC aimed to Corrode terms while defending its role in Australian industry and finance.
Perth yesterday, Grah am, State Minister for Industrial Development, said Bunbury Harbour could not host the £1,000 million steel complex due to shallow depth. He told the Legislative Assembly dredging would be insufficient, and urged locating the works at a country centre rather than Kwinana, in response to Labor’s T Hi tones.
Nationwide Finance Ltd reports a substantial rise in net profit to 151,292 for the year to June, lifting ordinary dividends. The dividend moves from 9 to 11 percent, with other financial adjustments noted including a higher paid capital and a cautious outlook. Directors cite a downturn in earnings later and outline final dividends and shareholder entitlements amid broader market unfavourability.
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