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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Aug 23, 1966
Page
4
The National Institute of Economic and Social Research projects a 1967 balance of payments surplus between 250 and 300 million pounds due to government measures, easing sterling fears and global liquidity strains, while unemployment is expected to climb to about 475,000, around 2 percent by late 1967.
The National Institute's economists say Prime Ministers measures put the economy on a Lid per cent growth path for 1966 and 1807 with a potential greater drop in 1968 if July shock effects widen. Manufacturing investment is seen falling by h per cent next year, milder than 1962/63. The government could raise investment grants for 1467-64 as trade figures improve, while the first half payments deficit is around 120k, inflated by seamen's strike, high import prices and capital outflow.
The Financial Times notes July measures aim to curb speculation on the exchange rate and ease the balance of payments. It discusses expectations for import volumes and prices, wage and price growth, and a gradual recovery path from late 1967 with reduced defence and capital expenditure and continued controls to reach a modest growth rate.
The Huon Maru loaded about 2,000 tons of iron ore at Dampier in northwest Western Australia and sailed for Japan. Hamersley Iron aims to expand output with a new pellet plant at Dampier, handling over six million tons of ore annually as shipments to Japanese mills grow.
Companies Burns Consolidated and Wilcox Mofflin Ltd in Sydney show reduced profits with various impairments and a higher dividend rate. NSW group KH Industries notes a decline to 75,000 after depreciation while Hamersley Iron advances a deep water port project at Dampier.
Sydney Mutual plans a 1 for 5 bonus issue to raise capital and boost dividends. Directors forecast improved after tax profit, with a 9 percent dividend payout from profits, while noting tax allowances and depreciation impacts amid flat overall earnings across several subsidiaries.
Cleveland Cliffs pulls out of the Mit Newman project consortium after talks in the United States. Remaining partners CSR, BHP, Cid, and American Metal liminx will continue, while Cleveland Cliffs screens Roche River ore for processing research. Perth minister Court calls the move disappointing but not unexpected.
A historical notice announces personal loan services offered by Lake Credits Company Pty Ltd located at 43 W Northbourns Avenue, four doors from F.G. The listing includes an address reference 46979 as part of the contact or registration details.
Capital advances and unsecured loans are noted in a brief item listing services for a residence described as upstairs unique house. The short entry highlights financing terms and contact method with a phone placement.
Australia will send a delegation led by Wo Callaghan Heal to Singapore to discuss expanding two-way trade. Talks, beginning August 20, follow discussions between Mr Hasluck and Singapore PM Kee Ro Yew. Singapore seeks new markets as its economy shifts post Confrontation, with focus on Africa and Communist states, while Australia eyes expanded exports to Singapore and regional partners.
The Reserve Bank reports a week ending August 17 saw overseas funds fall by 31 million to SL259.7 million. The data highlights a decline in external liquidity for the period, with implied impacts on currency reserves and international position.
The Sydney Stock Exchange opened dull as Drug Houses of Australia led modest gains after lifted profits were announced for the latest year. Leading shares included Associated Pulp, EF Industries, and IC, while BHP held steady. Oil and mining turnover fell and copper stocks eased with Mount Morgan down 9 percent.
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