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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Dec 05, 1975
Page
9
A leading car industry group warns that unresolved industrial disputes over PRP imports of cars and spare parts could trigger massive unemployment across the motor industry by Christmas. The NSW Trader Association and Victorian and South Australian Automotive Associations say a serious downturn is developing.
The British government proposed purchasing Burmah Oil’s North Sea assets as part of a rescue for the financially troubled company. Secretary of State for Energy Benn told Parliament that the Bank of England would extend a nine year guarantee for the equivalent of A$507 million for Burmah’s North American undertakings, replacing the original one year guarantee due to expire in December. The move aims to stabilize Britain’s second largest oil company amid industry disruption.
Delegates from producing and consuming countries in London approved a new International coffee accord to ensure regular supplies and stable prices. The pact runs from meet October to 1982 with automatic mechanisms to adjust if prices fall or rise, and an eight member contact group settled key disputes over quotas and penalties. The International Coffee Council chairman from Mexico said the accord would need government approval of the 12 member states.
Australia’s September quarter GDP fell 2.2 percent with gross non-farm product down 2.0 percent and gross farm product down 4.3 percent. Despite weak quarter, annual growth to September reached 3.26 percent as government consumption spiked amid a large budget deficit.
In Canberra yesterday the governments of Australia and New Zealand appointed Mr W. Bo Marion as commissioner on the Christmas Island Phosphate Commission. Senator Withers said Mr Marion joined the Arist Phosphorus Commissioners at Ocean Island in 1938. He replaces Mr J. A. Bussett, who retired.
Figures from the Bureau of Statistics show a drop in expenditure on petroleum and mineral exploration in the September quarter. Petroleum exploration spent about 1.8 million, down from 178 million in the June quarter and 26.5 million a year earlier. Mineral exploration spent 28.2 million, against 305 million in June and 289 million last year. Private capex was 28 million, rising from 24.8 million and 25.0 million in the prior September quarter. Anticipated six months to December stood at 49.9 million, below 57.7 million in the year-ago period.
Late selling pushed leading industrial and mining stocks lower on the Sydney Stock Exchange with the market broadly firm. Miners such as Poseidon, Peko-Walpah, GMK, Kathleen, Santos and Woodside-Burmah traded at or near yearly highs while BH South, CRA, Robe River, Emperor, AAR and Pan Continental edged down. In Melbourne trading, heavyweight stocks led declines as Amatil rose to a year high before a sale lit at $1.88, while CSR and EZ Industries moved mixed, and others closed firmer on a stronger note.
Tax changes in Hong Kong raise duties on liquor and tobacco and double the tax on British and Commonwealth cars to align with the existing 30 percent levy on foreign cars. The move, reported Thursday, tightens fiscal policy as authorities adjust pricing across imports and consumer goods.
Advertising executive John Clemenger told the Trade Practices Commission in Canberra that abolishing the media accreditation system would bias agents toward larger proprietors and hurt smaller, Australian owned agencies. He warned commissions would vary by agent and proprietor, liquidity challenges would rise, and advertising standards could fall. The hearing resumes Tuesday.
Myer Emporium Ltd, Australia’s largest department store group, reported ahead four month sales to November versus 1974. Managing director K C Steele cited higher spirits, but noted ongoing economic and political uncertainty. Profit for the period was up from last year, yet a stronger second half was not guaranteed amid volatile conditions.
The principal subsidiary MLC Ltd the Mutual Sab and Citizens Assurance Co Ltd reports record new business in the first ten months of the year with new ordinary branch sums insured rising 14.3 percent to 921 million and new business premium income up from 19.8 million to 221 million. Collector new business sums insured ease to 102 million from 110 million. Interim half year results for 1975 cannot be finalised until policy abilities valuation in March. Subsidiaries MLC Fire and General Insurance and its New Zealand arm trend similarly with anticipated underwriter losses offset by investment income. A reduced 5 percent interim dividend will be paid to holders on December 31.
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