Two Setbacks for Mr McMahon and Liberal Leadership Bid
The Government faced two major setbacks as Sir Magnus Cormack was chosen Senate President and Mr Killen announced a bid for the Liberal deputy leadership. The Labor Party weighed support for Senator Wood against backing a Labor candidate, with the Senate balance at 26 ALP, 26 Liberal, 5 DLP and 3 independents.
MENTIONED IN THIS ARTICLE
Senate
Magnus Cormack
Killen
Navy
Liberal Party
J. A.C. Wood
Queensland
Wood
Labor Party
ALP
Labor
J. O'Byrne
DLP
Prowse
Young
Lib, SA
Attempt to Protect US Currency Triggers Global Revaluation Debate
The United States, seeking to strengthen the dollar, faces a move to suspend gold redemption and push other major currencies higher. President Nixon ponders devaluing the dollar by altering parities while gold remains a reference point, with Europe Japan and Britain weighing how to respond. Policymakers eye euro bloc actions, sterling shifts, and possible import curbs as tools to influence a global realignment. The outcome could redefine the dollar’s status and impact Australia and other linked economies.
MENTIONED IN THIS ARTICLE
Nixon
Japan
Italy
Heldium
Argestria
France
Switzerland
Britain
Austria
Belgium
Australia
Sterling
America
Europe
Nixon halts gold standard and drags world markets into realignment
President Nixon suspended the dollar gold convertibility and sent a Treasury official to London to push currency realignment. The package includes wage and price freezes, tax cuts, a 10 percent import surcharge, and reduced federal spending. Markets swung globally with the Bank of England halting currency trading and Tokyo markets in chaos. Australia reacts cautiously, weighing the potential impact on exports and the 10 percent surcharge.
MENTIONED IN THIS ARTICLE
Nixon
America
Treasury
London
Bank of England
Tokyo
Aap-Reuter
Snedden
Australia
Trade and Industry
Anthony
Associated Chambers of Manufactures of Australia
Nixon imposes 90 day wage price freeze and currency move
President Nixon announced the temporary suspension of dollar gold convertibility for foreign central banks and a 90 day wage and price freeze. He also enacted a 1 percent import surcharge and tax cuts while slashing federal spending to combat inflation and unemployment. The plan includes currency realignment talks aimed at revaluing other currencies against the dollar and seeks faster tax cuts from Congress.
MENTIONED IN THIS ARTICLE
Washington
Nixon
United States
Congress
Rixon
Aan
Talks in London Spark US Currency Controversy
President attacks international currency speculators over dollar weakness and defends temporary measures. In London Treasury official Volcker meets European officials to discuss Nixon package with Heath calling Cabinet to urgent meeting. Bank of England halts foreign exchange trading for a day as harmonized market moves unfold.
MENTIONED IN THIS ARTICLE
London
Paul Volcker
Heath
Britain
Bank of England
Late News Trasilant Case Deteriorates
Reported deterioration of the Trasilant case at CAP Ws on Monday. The condition worsened while awaiting a verdict in the St- Aloe Her tot soy Africa's Veyeone patent. Greatc Sat Hospital medical staff prepared to receive a new report on July 25.
MENTIONED IN THIS ARTICLE
St- Aloe
Africa
Greatc Sat
Sheik Mujibur Rahman Trial Opens in Pakistan
A spokesman for the Pakistan High Commission said the trial of Sheikh Mujibur Rahman, leader of the now banned East Pakistan Awami League, has begun in Pakistan. He provided no further details and declined to say where the trial is held.
MENTIONED IN THIS ARTICLE
New Delhi
Aap-Reuter
Pakistani High Commission
Tral
Pakistan
Sheik Mujibur Rahman
East Pakistan Awam) League
Unsolicited Sendoff Ends in Gelignite Blast at Earlville
Leo Leoni, 34, moved with wife and three children to a 10 acre Earlville cane farm after selling his quarry. While burning cane, a sack of unused gelignite exploded sending a mushroom cloud over Earlville and shattering 100 plus windows. Leo and a worker were hospitalized in Cairns Base Hospital. Police described the blast as resembling a nuclear explosion with no deaths reported.
MENTIONED IN THIS ARTICLE
Cairns
Leo Leoni
North Queensland
Earlville
Leo
Fugi
Farlville
Five day week agreed for ACT retail industry
ACT Employers Federation in principle backs a five day working week for retail staff to start as soon as January 1 1972. No proposal to alter current shopping hours. Major retailers and suburban centres attended. ACT Shop Assistants and Warehouse Employees Federation set August 3 that hours from January 1 1972 will be 9am to 6pm Monday to Friday with late night shopping to 9pm on Thursday.
MENTIONED IN THIS ARTICLE
ACT Employers Federation
Act
Shop Assistants and Warehouse Employees Federation
Canberra district teachers stop work
Reported strike of Canberra district teachers disrupts classes as discussions with authorities continue. The item references a wider debate on pay and conditions amid a busy page with varied items including politics and sports.
MENTIONED IN THIS ARTICLE
Canberra
Also Mentioned on This Page
Belfast
Mr McMahon
Sir Magnus
Gorton
Sevres
Bo Withers
Alister McMullin
Paul Hasluck
By David
Lomon
Paliied
Cision
Ilisanter
State of
Fraser
Defence
Smedden
National Development
Swartz
Fairbairn
Customs
Chipp
House of Representatives
Parliament House
Fiona
Jett
Fabienne
al America
European Economic Community
Mr Nixon Hal
Bank of Japan
Ven
Orld
West Germany
Netherlands
Sinan
Nimon
Voluker Sai
Ieglong Bley Hytfevbers
Noworen
Sheik’s Trial
Indo-China
Hirace Juddery
BHP
England
John Snow
Carton
Opera House
New York
Cosa Nostra
David Jones
Pan Books
Canberra Times
Federal Capital Press of Sansvalle Sty Limited
Pirie Baees
Fyshwick
Federal Capital Press of Australity Limited
Joan Fairfax & Sons Limi
Canberra City
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