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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jan 20, 1967
Page
4
Sir Leslie Melville former chairman of the Australian Tariff Board called for a more moderate approach to tariff protection to spur faster economic growth. He delivered the Giblin Lecture at the ANZAAS congress in Melbourne yesterday.
The Frome Stoppken Hill Co Pty Ltd directors say the Ansett-ANA helicopter rig will depart Harbor by tomorrow and begin drilling within days off the south west coast. They discuss tariff policy, protection, and potential shifts toward lower tariffs despite ongoing industrial debates.
A discussion at ANZAAS warns lower tariffs boost manufacturing and exports and cites the Kennedy Round as a model. The debate stresses moderation in tariff policy to expand exports, especially to Asia, while noting some Australian tariffs may now hinder rather than help growth and urging development of low cost industries through policy and capital support.
Sir Leslie argues that development should prioritize low cost industries, manufacturing or agriculture, to boost employment and living standards without diverting resources from higher-cost sectors. He cites the Common Market as a model where tariff reductions expand employment, cut costs, and raise national income.
The State Government in principle rejects prospecting rights for asbestos holdings at Wittenoom. The decision affects the Australian Blue Asbestos partners and the Hamersley Iron project, with expectations of shifting imports and various industry forecasts. Premier David Brand noted cautious optimism about future agricultural exports and broader market opportunities.
Directors of Landmark Corp Ltd announced the acquisition of Armstrong’s interest in the Paradise Waters Project at Surfers Paradise. The move puts Landmark in control of the project as Armstrong sells his shareholding in Landmark to A Barton and associates. Armstrong resigns from Landmark and its subsidiary boards after having criticized the company last November.
Dr Alex Hunter at the ANZAAS congress argues pricing is the key factor in developing Australia’s natural gas industry. He notes gas prices depend on producer costs, transit charges, and market dynamics, with a possible city gate price around 5 cents per therm and a lower limit tied to production costs and overseas experience. He warns price volatility could persist as discoveries alter supply and price determination, stressing buyer competition and the role of government policy.
Traders who bought King Island Scheelite ahead of profit news faced losses as the report disappointed. Shares fell up to 3.15 on the Sydney Stock Exchange after an early drop. BHP eased to 6.6, while oil stocks led gains with Interstate Oil, Santos, and Westralian posting rises. turnover figures and cross-market shifts outlined market mood.
A final payment of 71,896,000 dollars on 1964-65 wheat deliveries will be paid to Australian growers on February 7 by the Australian Wheat Board. The payment raises the 28th pool net reforms to 411,746 dollars, with bulk wheat excluding Western Australia at 9 28% a bushel and WA bulk wheat at 6.748 a bushel, bagged wheat 10.6 cents a bushel. Minister for Primary Industry Adermann approved the payment. AWB chairman Allan Callaghan noted crops yielded 346,507,961 bushels to the board, with the remainder for farm feeding.
About 50 000 UK motorists lose cover as London and Midland Insurance of Derby joins Fire Auto and Marine and London Cheshire in insolvencies. The Board of Trade investigated all. Provisional liquidator sought with an estimated shortfall around SA500,000. Royal Automobile Club offers immediate cover for policy holders under conditions.
A dense listing of Sydney stock options and mining shares with figures for King Island, Western Mining, Consolidated Rutile, Pacs, Santos Mt Morgan, Metals Ex, and related sectors. Includes quantities, bid prices, and index values such as All Ordinaries and sector groupings across basic materials, metals, and transport.
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