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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jan 06, 1965
Page
4
London Tuesday reports Britain's gold and convertible currency reserves fell by 122 million pounds in 1964, more than double the 1963 decline, the Treasury announced.
Paris reports the French government considers converting some excess dollars to gold as part of reducing dollar holdings against gold reserves. Officials say no vast conversions are planned and the policy has been ongoing for months. December saw a £1 million fall in reserves, the seventh monthly decline in a row, with loans repaid to the United States and Canada and short-term credits extended to Switzerland and Iran.
Sydney prices rise amid uneven gains in September trading. The share market showed mixed moves with several leaders advancing while others eased. Sugar stocks and country television shares attracted buying, while leaders to rise included US ACL and Rothlidge. Dunlop and Henry Jones showed little change. Overall market sentiment stayed firm with moderate gains, led by selective strength in major names and subdued turnover.
Site preparations finished for Blantyre No 1 near Menindee in Northern N S. The well on the boundary of Petroleum Exploration Licences 2 and 11K is a stratigraphic test to evaluate sediments where alliances hold interests. Alliance Oil Development operates with Sterling Oil Tulsa and others. spudding expected mid January.
Sydney based wool merchant announces a loss of £73000 for the year ended October. The board cites low margins and weak demand, with depreciation and stock write downs contributing. Chairman Mie Wenceslas warns of tightened policy as management presses for cost cuts and restructuring. The annual general meeting is scheduled for January 3, 1365.
Tidemakers, holding Stewart s and Tiards Aust Ply and Hellish Tube Mills, plans to redeem unsecured notes with cash or shares. Directors say finances are sound with £175 million issued capital and a £21 million project budget. New equipment will enable record tyres using stronger fibres and polyene for export to Australia when production is economic.
The Reserve Bank of Australia reported a sharp weekly fall of £32.9m in loans held by authorised depositories to £1274m, with dealers paying higher interest rates. Money at call ranged from £2/10 to £4/15 percent, fixed periods from £3/10 to £5/?. Gold and foreign exchange reserves dropped £126 million to £7694 million in the two weeks ending December 40, vs week ending December 16. Government securities changed to £812 million.
The Australian Fisheries Newsletter notes continued general expansion in the fishing industry in 1963 with growth in prawn, tin and scallop sectors. Port developments across New South Wales and Victoria include new vessels, deeper water trawling, and safety upgrades.
The Moonie field in southern Queensland and three new potential fields plus vast natural gas reserves push Australia toward a dominant energy future. Drilling expanded to about 200 wells this year, with one in four showing potential. Western Australia sees major offshore and onshore progress, while national policy shifts aim to balance local and imported fuels and support pipelines to Brisbane and Sydney.
Concrete Industries (Monier) Lad announced Mr Edwards a bachelor of Engineering and Associate Member of the Institution of Engineers. He is a past chairman of the Industrial Engineering Branch. Mr Ashton has 11 months in Personnel and Industrial Relations, was assistant to the former Personnel Officer, and is an Associate Member of the Institute of Personnel Management and a member of the Industrial Relations Society.
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