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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Dec 10, 1971
Page
7
Senior officials in the Commonwealth Treasury weigh re negotiating Australia’s long term international contracts amid the shift in exchange rates. They favor revaluation or pegging to sterling, arguing contracts tied to other currencies may require renegotiation to avoid profit loss for mining and export sectors.
The Senate Select Committee on Securities and Exchange urged Commonwealth legislation to establish a national regulatory body for the Australian securities industry. Chairman Senator Rae Lib outlined a body with constitutional powers to investigate abuses, balance business needs, and protect individuals, aiming for swift action with minimal red tape. The committee will continue work on its Autumn report, noting extensive evidence and prior hearings, while saying some insider trading and broking malpractices warrant investigation only with Senate direction.
Melbourne based Yarra Falls Ltd announces that its board recommended shareholders accept W. R. Carpenter Holdings Ltd cash bid of $2.60 per share made on Wednesday. The move follows a formal bid process and signals a likely premium offer for the textile maker.
The Senate committee held LPG from the Sss0 BHP Bass Strait fields could be a cheaper source for Australia if transport costs allow. It reported no evidence of a national LPG shortage from exports, noting occasional refinery shutdowns and imports from other states. It found Bass Strait gas uneconomic now but could become price-saving if Esso BHP expands big scale production.
A surge in lending commitments by major trading banks, plus a $30 million loan to the Australian Woo Commission, drove record loan approvals in the four weeks to November 10. Weekly averages reached $52.7 million, up from $41.8 million in October and $36.1 million a year earlier.
The yen closed at 323.50 to the dollar, a record high, marking an 11.28 percent rise above the official 360 parity. Heavy dollar selling persisted with about $US94 million traded as Fiji Press noted government circles see a 16.28 percent revaluation to 310 yen as inevitable.
Kathleen Investments and its subsidiary Queensland Mines Ltd announce that C P Til ley has resigned from their boards and will stand as an independent director at the upcoming extraordinary shareholders meeting. Til ley, an Adelaide accountant on Kathleen’s board since 1959, leaves Hudson with only one ally, Lincoln Madden, in the board dispute.
Planet Group chair John G Fuller told Planet Metals Ltd shareholders in Sydney that a reconstruction of the group would be announced soon. The plan would reduce listed public companies and issued shares and curb high share registry costs. The group may seek overseas joint ventures but will not bid Planet prospects in a bargain basement forum. Planet Metals is cash poor but has strong exploration prospects and potential miner locations.
The report notes Vila increasing appeal to Australian and international business for tax advantages. It cites Mr Snedden warning against Norfolk Island becoming a major tax haven and discusses government papers and potential shifts to Vila in the New Hebrides. It outlines tax administration challenges and ongoing scrutiny by Australian authorities.
An advertising vetting notice outlines local sale and newspaper distribution details for Canberra Times. The text mentions engagement notices, funeral items, and a broad list of Canberra area shopfronts and delivery locations. It notes morning editions and affiliation with several regional papers and services, with contact and circulation references.
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