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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Dec 15, 1972
Page
9
Income from wool auctions in Australia for the first five months of the 1972 73 selling season totalled 391.3 million dollars, up 180 percent from 1971 72. The BYETAg greasy price averaged 147.48 cents a kilogram, with 1,855,822 bales sold, compared with 1,744,324 a year earlier.
The NSW Supreme Court ruled that four Miller board directors who voted for the share allotment were censured for breaching stock exchange rules. The judgment holds their motive was to aid Howard Smith's takeover, amid a dispute with Ampol Petroleum and Bulkships over equity dilution and a takeover bid.
Official reserves rose to 4,778 million dollars, up 176 million from October, with the reserves level and trade figures hinting at a resilient current account. Inflation and exchange controls are cited as factors, alongside oil price increases, while capital inflow fell from September to November. A 120 million invisible deficit is noted, yet exports showed modest gains and the balance of payments remains favorable, signaling potential exchange rate adjustments in 1972.
Woodside Burmah Oil Limited reports proved and probable gas reserves at North Rankin on the North West Shelf off Western Australia totaling 10.17 million million cubic feet recoverable at a 55 percent recovery rate. Detailed reserves for Scott Reef Angel Goodwyn Rankin are deferred awaiting further drilling.
The Directors of FEA and Watts Holdings Ltd. rational construction and property development group announced yesterday that their construction subsidiary has secured further contracts totaling $11 million. The announcement highlights new project wins and continued growth in the firm’s construction portfolio.
Sir James Forrest told Melbourne’s NB A annual meeting that a market for foreign exchange is emerging in Australia. He credited Reserve Bank encouragement and the freeing of bank lending for greater competition, higher loan approvals, and a stronger economy, with broader flexibility in interest rates and deposit funding.
London reports say the Inter national Coffee Agreement talks collapsed over last nine months quotas, ending ten years of world market rationing. ICA will keep certificate stamps for monitoring exports, allowing countries with coffee to export as many stamps as they have stock. For Papua New Guinea this breakdown could yield short term export gains if buyers exist.
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