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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Dec 16, 1966
Page
10
The Prime Minister Vorster inaugurated a 30 year government water plan costing 600 million dollars. It will build two large dams five miles above Morrals Pont to curb floods. The Orange River currently dumps 23 percent of the country’s runoff to the sea.
Metals Exploration WI announced a promising nickel prospect at Greenvale in north Queensland with an estimated deposit up to 100 million tons of rock and potential reserves around 30 million tons of nickel ore. Chairman Mr R Hare warned the assessment would take time as drilling and sampling show nickel values from 1.4 to 3 per cent across several square miles.
United Telecast jlers Sydney Ltd reported a consolidated net loss of 2.1 million dollars for the year ended June 30. Directors said audience ratings fell in the second half of the year and losses were greater than previously indicated.
The Minister for Customs and Excise Senator Anderson announced amendments to by laws on imported motor vehicle spare parts to protect local production. Previous concessions for some parts are cancelled to stop unfair tariff treatment. He also withdrew tyre cord fabric from dumping investigations. Victor Engineering Pty Ltd acquired Titanic Steel Fabrications Pty Ltd assets for 236000 dollars, paying 130000 cash, 40000 on terms, and 56000 as 80000 stock units at 20c premium. Directors report year to date profits above last year and aim to keep a 124 percent dividend rate.
Britain sold about 8100 million dollars worth of gold to the United States during July to September to shore up the pound after a summer currency crisis. The Treasury report notes a drop in UK gold and monetary reserves but does not detail the transactions. The move followed the pound's weakness in May and June and preceded new support measures and currency swap arrangements.
Figures from the Australian Woolgrowers and Graziers Council in Sydney show 616 millionth of wool worth 304 million produced last season, with about half exported. The wool price index rose to 115 by November 24, amid drought and lower sheep numbers, Japan remaining main buyer and U S likely top UK for imports.
Figures from the National Council of Wool Selling Brokers show greasy wool averaging 49.35 cents per pound, up 1.43 cents from 1965/66. Last year’s wool exports reached $212 million, with forecasts for this year suggesting about a five percent rise. Total production of shorn, fellmongered and sheepskin wools stood at 1,630.5 million pounds, a slight drop of 30 pounds from the prior year.
Trading activity shows nonth puts and three month calls for Consolidated Gold Fields with notable volumes and price levels at 4.00 for common shares, plus mining and industrial firms like Commonwealth Cathleen Invest and River Show. Prices shown include 2.60 for 1000-24 and 2.404 for 6 month doubles. provincial traders and industry producers appear with varied quotes across 1200-24, 2000-7, and 0-S3.
The 47th annual World Wheat Council meet in London forecast 1966 67 production about 20 percent above 1965 66 with 26 million tons in USSR and Russia, while world trade may drop by 6 million tons. New Zealand is among four importing nations. Australia and others are expected to ease imports gradually as policies shift.
The market opened CGF Consolidated Gold Fields at 3 90, jumped to 4 15, and closed at 4 as bonos traded across 95 board alterations. Three new floats Planet Gold Planet Metals and Wesser Chemicals underperformed with little broker activity. Rises edged falls 90 to 89. industrial turnover slipped to 459 280 while ITI smeg turnover rose to 25 420. CSR showed strong bond turnover around 349 200.
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