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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jan 08, 1966
Page
6
December imports stood at £122.7 million as analysts note a seasonal drop usually seen in year end. The drought impacted October exports and demand patterns, while prices and investment trends show cautious recovery. confidence in inflation and the housing market remains mixed amid global shifts.
In London, Sir Geoffrey Gibbs of the Australasian and New Zealand Bank Limited warned at the annual meeting that drought will drive strong credit demand in coming months. He said the drought courses economic strain and will influence the balance of trade and overall economy.
Reported figures show growth for the Kennett and Fisher Life Savers group with profits up and new earnings guidance. The article notes year end results, an adjusted profit, and continued expansion within the confectionery business amid market conditions and December activity.
The Commonwealth Government announced a shift toward a less rigid manganese ore export regime. Minister Fairbairn said policy changes reflect new reserves growth and a healthier supply outlook, with authorities easing controls to support export volumes.
The International Sugar Agreement, aimed at stabilizing the world sugar market, was extended for another year with support from the International Sugar Council and participating members. Delegates noted continued discussions on future terms, while some nations indicated willingness to sign only a revised, practical framework.
In an annual report to be presented January 24, chairman R A Irish of Commonwealth Industrial Gases Ltd notes rising costs easing by year end. The report signals a showdown in the industry and a tempered profit outlook for the second half.
Tangible Securities plans to shield Project Development Corporation from Dillingham influence. A letter from Ann Feller says nominees would have won a majority of about 12,000 votes, but 6,000 votes were organized by five shareholder groups.
The All Ordinaries slipped to 4 328.81 after a rise of 263 points. Trade showed slight slackening in copper miners with Mt fra and Mount Lyell easing while Reoken Hill South held near yesterday’s level. Industry and mining shares fell. BHP and CSR declined, Burns Philp rose modestly as British Tobacco gained. Bond turnover reported at £291,490.
Union Kern AOG begins oil production at the Alton field located 55 miles southwest of Moonie. Output is about 1,050 barrels per day, reported by Union Oil Development Corp as transportation through a Moonie pipeline develops.
A battered report outlines new insurance concepts tied to premiums and risk, noting Australia’s general insurer Gen Iurance Caryperves experiments. It discusses premium growth to 359 219, with motor vehicle risk factors, and mentions a shift toward market-based rates and potential bilateral global practices.
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