Melbourne shares fall as directors resist benefit proposal
In Melbourne a tense meeting of shareholders saw chairman Sir Howard Meale defend a proposed directors’ benefit withdrawal amid opposition from brokers and investors. The session highlighted calls to redistribute or withdraw the high remuneration tied to the parent company’s decline, with concrete figures cited and pressuring outcomes for the board and subsidiary Humip.
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Budget approved in Japan aims for 19 percent rise
The Japanese Cabinet cleared a fiscal plan for the new financial year proposing a 19 percent higher budget than the current year. It includes 4280.00 million yen for investments and 258.0 million for a government program, with Finance Minister Fukui describing the plan as prudent given economic conditions. The National Diet will review the budget in due course.
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Shipments of ore to Pt Kembla and Western Copper interests
The report details ore shipments to Port Kembla by Western Copper Ltd and notes tensions at a Jervois meeting where chairman Jone faced criticism. It mentions company arrangements, shifts in ownership, and ongoing annual reports with proposed 1971 deadlines. The discussion includes prospecting, investments, and board changes amid a stormy session.
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