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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jan 20, 1968
Page
7
International Combustion Australia Ltd, boiler maker and engineer, earned a record 1,077,077 in the year to September. Profit rose 45 percent from the previous year’s 743,599. Directors lifted the dividend year to 24 percent. Results were announced to the Sydney Stock Exchange in a brief message yesterday.
Culha Development Pty Ltd has abandoned the option it held over the Queensland phosphate area owned by Longreach Minerals Pty Ltd. Longreach Oil, parent of Longreach Minerals, made the surprise announcement. There was no comment on the exceptional result lifting earnings rate from 1% to 73.4%. Tax was raised from SA 794 to 834,011 and depreciation from 10,414 to 119,992. Outside shareholders received 43,713 versus 1.772 previously. Final dividend increased to 17% from 12% while interim remained at 4%.
Western Mining Corporation announces a planned 45 million expansion building a nickel refinery at Kwinana 35 miles south of Perth to handle concentrates from Kambalda near Kalgoorlie. The plant could produce at least 50,000 tons of nickel annually, worth about 24 million at current prices, with royalties and future smelter options under study.
Western Mining Corporation shares rose to a record $38 in Sydney trading and closed at $37 50 in Melbourne. The company has posted a strong two year run on the stock exchange. A 1966-67 price history cites $2 60 and $6 70 on January 19 in those years. WA government to supply refinery site at Kwinana and water. construction must start by June or September if extended. Extended nickel search rights at Kambalda St Ives granted until 1978 with annual surrender of a quarter from 1972. Mining leases possible for 21 years with renewals. nickel production target set at 10,000 tons annually for first 10 years. Western Mining is Australia owned with 20 percent British share and stake in Arena of Australia Aluminium Group plus holdings in Gold Mines of Kalgoorlie and Central Norseman.
Dealers reported nearly no selling after President Johnson proposed removing the 25 percent gold backing from the dollar. Gold fixed at 1095. Ocents, sterling at 292 shillings 2 pence per ounce. London demand was exceptionally heavy with about 25 tons traded at the fixing and roughly the same again in later deals. Total business value exceeded £23 million. The rush followed rumors of a potential gold price increase and the pound opened steady at 2.4090 dollars. The London stock market remained cautious with the Financial Times index near 394.
Tokyo Gas Company agrees to buy at least 300000 tons of coal from Coal and Allied Industries of Sydney for 1951. Managing director H Anzai says the deal will be reviewed annually and quantities adjusted as needed.
Paterson, Reid and Bruce Ltd aims for a net profit of not less than 300 300 in the year to December 31 1967. In the 17 months to December 31 1966 the company posted a net loss of 397 074. Directors announced the latest profit in a preliminary report yesterday. The 1966 issue capital of the company and Paterson Laing and Bruce Ltd was acquired by Rally Australia, part of the Rally Bros group. premises in Wynyard Street Sydney were disposed for about 2 million, and the company has an option to acquire the Sargood G ar diner premises in York Street Sydney.
Publishing Associates Pty Ltd reports a fall in net profit to 171 518 for the year ended June 30 from 197 429 the firm owned by Wilke Cer ftd and IPC Investments Pty Ltd links to the British International Publishing Corp Ltd which publishes the London Daily Mirror. The year shows higher depreciation and dividend payments while paid capital rose to 2 million.
Deputy Prime Minister McEwen told the Australian Country Party meeting that Australia must lift export earnings to fund imports and growth. He warned US investment could fall by about 1000 million pounds annually if capital outflow tightened, stressing domestic production and global market expansion as essential to sustained development.
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