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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Dec 23, 1966
Page
2
Austerity focused plan for New Zealand trade pressures outlines advised measures to ease export and import balance. The report cites lower world prices for key agricultural and industrial goods and calls for government action to stabilize earnings and domestic industry while maintaining public investment where feasible.
Government Insurance Office reports payments exceed 11 million dollars since July for various party claims. Jill Porter, general manager, notes solicitors respond well to reorganized processes, speeding some cases toward closure. Officials urge restraint on state and municipal spending, proposing a few percent budget cuts and lighter development mandates.
Sydney reports that the Australian sugar industry faces great difficulty. Sir Ines Vernon, chairman of Colonial Refining Co Ltd, stated in the all yearly report to shareholders that tough times prevail for the sector.
The report discusses low world sugar prices, drought effects, and a 14 million dollar loan from the Reserve Bank being added to net sugar payments. It cites production forecasts rising from 5 million to 22 million tons, recovery in Queensland cane, and anticipated international sugar agreement. It notes Milk output forecasts and a mine closure at Wittenoom affecting year-end assets.
Granada television group decided yesterday not to bid for Pye shares in Cambridge. Thorn Electrical Industries said it would not disclose plans to offer for Pye until after Christmas, citing the previous week’s transaction activity.
Personal loans offered by Lake Credits Go Pty Ltd and Normand Avenue 14 door from PO 46979 listed in a local financial notice.
Japan Atomic Fuel Corporation plans to send two officials to Australia on January 14 to inspect uranium ore deposits. Director Teil Kamiyama and chief Jun oversee the mission to meet Australian Atomic Energy Commission officials and assess potential uranium sources for Japan. The visit aims to secure uranium ore for Japan’s needs.
At the Melbourne annual meeting Sir Frank Richardson reported Georges Ltd on Collins Street enjoyed very good Christmas trading. The group outlined moves to visit uranium mining districts in Australia and abroad, potential asset acquisitions, and continuing expansion into television and appliance markets amid a year of higher trading profits and proposed dividends.
Sydney reports show 18 firms in the year completed new buildings valued at about 1,408 million dollars. Rural banks note quarterly trends. A relatively small number of contractors handle a large share of total work, with 50 plus percent concentrated among few firms and most firms accounting for under 7 percent of total value.
The eight houses and lots approved for construction in the ACT last month were worth 2 per cent of the November total. The value of houses and sites approved in November in the Territory reached 1,493,000, down 400,000 from October. Other new buildings approved were worth 7,102.00, compared with 919,000 in October.
A new shipping conference has formed to serve the Australia trade. The body, chaired by Mr Be We Reig and led by Ellerman and Buck, aims to coordinate services from Australia to Canada’s Fast Coast. The conference includes lines such as Sr Lawrence and Laker, with trading routes to Sydney, Australia, and beyond.
Commonwealth statistician notes 32 137 houses and flats approved in three months ending November with total building value near 250 million. NSW leads with 3 935 new dwellings worth about 302 million, Victoria about 23 million, South Australia 81 million, Queensland 10.9 million, ACT nearly 1.7 million. Bank cites financing worries for builders, with short term bills totaling 111 million in October and a two year high in 1966 dissipating to under half.
Masonry Ltd reports buoyant building activity at annual meeting led by chairman Mr M Hershaw. About 26 houses started or under construction with satisfactory finance on most sales. Rose Bay and Darling Point projects noted, with a Koala chain expansion planned for Kingdom area.
The Sydney trading day saw BHP lead gains as nickel discovery news buoyed shares. Consolidated Gold Fields slipped while Burns Philp and Henry Jones advanced. Market turnover rose with miners like Ampol Exploration and Western Mining among notable gainers. overall sentiment favorable despite some declines.
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