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This newspaper page contains 11 articles. Subscribers can read the full text of each article.
Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Dec 14, 1976
Page
4
The Fraser government defends a 7.5 percent dollar devaluation amid ongoing speculation and large capital outflow. Analysts note Asia money flows, possible further revaluations, and the potential for capital controls to temper inflows and sustain the needed economic repositioning.
An assessment by the Federal Department of Environment Housing and Community Development indicates Australia’s residential building activity is near capacity except in NSW, ACT, and parts of Queensland. Nonresidential prospects appear weaker, with labor and material shortages reported in places, and a shift toward smaller houses noted amid easing valve deceleration and steady dwelling sizes.
The Mount Lyell Mining and Railway Co Ltd in Sydney announced a revised plan to strengthen cash flow, trimming staff and retrenchments to about 200 while extending operations beyond earlier sites Cape Horn and A Lensor bodies. The directors said profitability remains unlikely in the near term and forecasted revenue remains uncertain due to dollar revaluation and export factors.
Britain will chair the European Economic Community for six months starting in the new year. The term will task the United Kingdom with guiding enlargement talks with Greece and managing foreign policy, fisheries, and internal market issues. Observers expect focus on Spain Portugal and potential Turkey talks, with U K aims tied to Tokyo Round trade talks and Community fisheries policy shifts.
The fragmentary OCR shows a dense stock and share index page from the Sydney Shire Market with numerous names, numbers, and codes. It lists many securities such as Fiore, Pons, Goeth, Brown, Holl, and Mele Eichovege, with assorted figures and trading references, but the full board is unclear due to technical faults.
Fielders Ladkay announces two new starch ventures for wet milling products and cassava starch trials. The chairman reports a record profit of 1,225,460 dollars to stockholders, with Fielders Ltd proposing to trade as Corn Products Fielders Ltd and to own corn inputs for refined starch and related products.
Pancontinental Mining NL expects to begin uranium production at the Jabiluka deposit by year end 1979 with first deliveries of yellow cake in 1980. The capital cost is projected around 174 to 200 million dollars, mostly spent in Australia, and initial output about 1 000 tonnes rising to 9 000 tonnes later subject to government approval and market conditions.
Mrs Phillips voices concern over an option scheme proposed by International Mining Co. for employees and directors, arguing ethical issues and unclear benefits. The chairman Mr Millie Phillips defends the plan as a tool to retain talent, while a consultant notes uncertain outcomes for existing investors. The proposal, presented under special business, was approved at the meeting despite doubt.
Market sentiment dropped as gains from last week faded in yesterday’s trading on the Melbourne and Sydney stock markets. Traders noted dollar movement and a swing to Labor in Tasmanian elections overshadowing Pancontinental and Mount Lyell updates. Mining stocks showed little interest with CRA and Heamerley figures weak and Barnard units in decline.
Australian Institute of Petroleum reports weak oil drilling activity in 1975 with only 15 onshore and two offshore wells drilled by June, while natural gas prospects remain strong. Preliminary figures show a decline from 32 wells in 1974 to 17 in 1975, due to high costs and tax shifts, yet recoverable gas reserves in potential fields, especially northwest offshore, are larger than oil reserves.
Philips Industries Holdings Ltd said it would bid for all issued Pye Industries shares. The offer is 1.30 cash per ordinary share plus an option on one 0.30 fully paid Philips share. Cash offers for preference shares and details on share counts are included.
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