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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jan 21, 1971
Page
14
The 1.9 per cent rise in the December quarter marks the largest CPI increase in 15 years, implying an annual inflation rate near 7.6 per cent. The surge is linked to higher taxes and public utility charges, with offsets from a one year tax cut and wage dynamics shaping the economy.
Henry Ford II arrives in Melbourne with wife Cristina for a working holiday as Michaelis Bayley directors urge shareholders to back the board against Australian Securities takeover bid. A February 10 extraordinary general meeting requires a 75 percent vote to pass ecopity and other special resolutions.
Associated Securities Ltd records a six month net profit of 2,022,429 up 25 percent from 1969 with interim dividend maintained at 8 percent and a full year rate of 16 percent. Net receivables rose to 183,086,297 while revenue from hire purchase and loans increased to 95,559,642. Directors credit expense controls and tax provisions for the result. Custom Credit also declares a 6 percent interim dividend payable February 26.
New Broken Hill Consolidated Ltd and Zinc Corporation Ltd report a broad decline in base metal output for the year ended December 31. Zinc concentrate and lead concentrate production edged lower as overseas markets slackened. Ore milled and zinc content fell, while some lead production showed a marginal rise in concentrate yield.
A dense string of oddly formatted financial terms appears as exploded share option notes and market jargon. The garbled text suggests a stock exchange scene with references to shares, options, months, and institutions, but the exact events and entities remain unclear.
The London price of gold on Tuesday eased amid US market sentiment. Prices stood around 1099 dollars per ounce as traders weighed currency shifts and political developments impacting demand.
Belinda Pty Ltd seeks Genoa Oil NL board representation and accuses Genoa of trying to block a planned share allotment to Hartog Oil SL. Genoa rejects the claims as Belinda and associates face scrutiny for alleged share sales and price impact while small Genoa holders may shape the company's future.
About 9,000 bales were offered on day two of the fifth Goulburn wool sale series. Fleeces ranged from average to good spinners with some superior types. Demand remained firm as buyers from the Continent, Europe, Japan and the United Kingdom supported prices. Top yields included Merino 67e for 5 bales Sup AAAM on VW account J Lawler Queanbeyan and Crossbred 474c for 1 bale Sup Check for Glenheaton Pastoral Co Pty Ltd Gurrundah.
The Boeing 747 aims to carry the seven millionth passenger today since Pan American first flew the jet on January 21, 1970. Pan Am alone has moved about 1.6 million travelers. The big jet shows baggage handling benefits, with dramatic drops in lost or damaged luggage claims across operators, saving thousands of dollars.
The Commonwealth Bureau of Agricultural Economics notes good market prospects for Australian dairy produce with exports mainly to the United Kingdom under import quotas for the year ending March 1971. Butter exports may decline vs 1969 70 while UK prices rise temporarily. Production in 1970 71 may not match the previous year’s peak due to weak whole milk output.
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