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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Dec 19, 1970
Page
11
International Harvester Co of Australia Pty Ltd lifted sales to a record 90.278 million in the year to Oct 31, but net income slipped a third to 2.152 million, the lowest since 1961. Directors blamed intense competition and rural troubles cutting tractor and farm equipment sales from 17.323 million to 11.57 million.
The Bank of NSW president Sir John Cadwallader warned that the worst threat to Australia's economy is the spirit of industrial unrest. He spoke at the bank's annual proprietors meeting, noting a recent pause in business has eased inflationary pressures while cautioning about resilience in rural sectors and potential protectionist shocks from Britain and EEC policies.
The Sydney Stock Exchange was criticised for policing unstable member companies. Senator Rae accused delays in action on non compliance in trust accounts and capital, reading auditor reports on financially unstable firms. He questioned actions taken and stressed broader banking and capital issues affecting Australia’s economy.
I M C International Mining Corp NL announces nickel assays up to 3.54 per cent at Trough Wells. Hole TWIG yielded 2.22 per cent nickel at 58 feet and 3.1 feet of 3.5 per cent between 42 and 70 feet. Hole TW9 produced 1.7 feet of 1.6 per cent and 3.4 feet of 1.07 per cent. Geologists note a more complex base metal setting with sulfide structures downdip west. Chairman Mrs Millie Phillips addresses a prior theft report and notes potential for low infrastructure costs if the area proves economically viable.
An OCR fragment mentions a player with a pole and references feds, land, and a weekly total but lacks clear names, dates, teams, or outcomes. The readable bits do not establish a definite event or result for proper card creation.
At the annual meeting Australian Oil and Gas chairman D. Carment warned oil could keep flowing from Moonie and Alton fields only at reduced rates before 1984. He urged renewed exploration incentives as high costs and risks suppress Australian crude discovery and production. Genoa Oil NL chairman G. Lorentz echoed the need for government action to bolster exploration while major overseas firms pull back. He proposed deferring royalties until exploration costs are recouped to attract entry to prospective areas.
Carr Boyd Rocks nickel ore production is expected to reach a significant level by the second half of next year. North Kalgurl Ltd chairman L. E. Elvey told shareholders at the annual Perth meeting yesterday, outlining plans and projections.
At Frigrite Ltd annual meeting in Melbourne shareholders criticized chairman R A Malloch and managing director J D Targel over losses and underperforming assets. They questioned nickel mine prospects, ore reserves, and past options granted to director R Targett while Malloch defended reserves and promised recovery with new mechanical services contracts in Melbourne.
Directors of Michaelis Bayley Ltd told shareholders to reject Australian Securities Ltd bid for half the ordinary shares at 1 40 a share. They said substantial liquidation and rationalisation of unprofitable divisions release funds from assets and that metal scrap and exports totalled 266 and 104 million respectively in the five months to November. They noted a year to year rise in exports and profits from metal products, with 75 2 million more surplus in the current year.
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