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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Aug 24, 1968
Page
7
Melbourne reports Western Mining Corporation managing director Mr M Morgan warned that no industry should endure ongoing uncertainties and selective penalties. He urged the Government to act or risk delaying expansion and the accompanying expert immune.
ARC Industries Ltd reports profit for 1967-68 fell to 1,253,485 from 1,455,454 with an 8 percent ordinary dividend kept. Morgan criticizes lack of government support, urging fair taxation and lease policy reforms for mineral exploration. Western Mining Corp reports four weeks to Aug 20 nickel concentrates at 2982 tons, with 12.24 percent nickel and 1.62 percent copper, as turnover up 17 percent but margins squeezed by weak prices.
Herbert Adams Holdings Ltd, maker of cakes and pies, reports group net profit collapse from 342,434 to 80,200 for the year ended June 30. The filing notes reduced earnings and the omission of a dividend by H Adams.
Federal Government to introduce a radical five year wheat stabilisation plan replacing the traditional link between home consumption price and guaranteed export price. Legislation to be presented in six weeks with state assent needed before operation from November 30. Plan uses 1967 cost of production as base and a yield divisor of 20.25 bushels, replacing 17. Export price components and dividends also redefined with interim agrarian figures guiding the six month period to December 31, 1967.
Reports from Sydney and Adelaide describe TV results boosting dividends amid pressure from wheat growers opposing a new scheme. The plan would keep the Australian Wheat Board as sole marketer with a guaranteed price, risking higher home consumption costs and possible loss of export authority if parliament does not approve this session.
The annual summary by L. J. Hooker Ltd notes stronger planning and design in public and private buildings within the Parliamentary Triangle and surrounding areas for the year ended June 30, 1968. It highlights a large office space shift, ongoing Woden Valley Shopping Centre development, a push toward high standards, and mixed market activity with stable home prices and varied auction results in Canberra real estate.
Sir Charles McGrath chairman of Repco Ltd told the Institute of Directors Australian division conference that Australia must raise manufactured exports by 12.4 percent annually to reach 1 741 million by 10 years, noting past growth averaged 11 percent from 1957 58 to 1967 68 and a 1.8 percent drop recently due to competition from Japan and devaluations.
The Readers Digest Association Pty Ltd posted a loss of 369156 in 1967 against a 53.26 profit the prior year. Directors described the result as disappointing while major capital moves include Prestig e Ltd accepting a takeover offer. Dunlop Australia Ltd led the dividend and cash offer activity as readers digest and Atlas of Australia figures appear in the report.
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