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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jan 23, 1971
Page
9
Ford Australia and Ford NZ sign a plan to jointly assemble light cars in New Zealand from CKD kits, exporting to NZ and using parts made in Australia. The move aims to cut costs, boost productivity, and expand export volumes under and beyond the Australia New Zealand Free Trade Agreement.
Merino prices edged higher at sales in Newcastle Melbourne Goulburn and Albany this week with clean wool prices steady for other combing descriptions Overseas demand broadened while the Australian Wool Commission showed active participation Newcastles and Goulburn markets opened with Merino prices firm and Albany reported notable competition from the Commission Fine and medium carded wools gained slightly while some quotation reductions appeared for lower grade lots Overall buyers maintained a cautious pace amid modest inquiry in Melbourne and firmer valuation at Albany aided by strong competition from wool buyers
London reports that ANZ Bank group chairman Sir Alexander Ross warned at the annual meeting of a continuing rise in operating costs driven by a 6 per cent wage increase in Australia. He said liquidity would be tight in the April to June quarter and that overseas competition would intensify. The group noted solid prospects in the Pacific and anticipated higher earnings from its merger while stressing caution amid unrest and rising prices.
Hammersley Holdings Ltd reports a profit rise for the year to December 3 and will pay a maiden 20 percent dividend. The 1969 figures show strong ore production, expanded plant investment, and financing moves including a $20 million debenture issue and US$11.3 million loan via European markets.
Commonwealth Industrial Gases Ltd reports a continued uptrend in profits under chairman McK Humphreys amid annual accounts. The firm highlights steady revenue growth across key sectors and sustained profitability through the year.
Braniff International filed with the US Civil Aeronautics Board to fly New York Washington Chicago and Dallas to American Samoa Fiji New Zealand and Sydney. The move mirrors American Airlines route conflicts and leverages Braniff’s regional strength, while analysts speculate the plan may serve as leverage in airline mergers and West Coast access battles.
A fragmented report describes parliamentary debate on a sugar agreement and its possible impact on Australian industry. References to European Community entry, British ties to the Common Market, and oil and gas developments hint at broader economic stakes. A senior secretary notes how changes could affect production and labor agreements.
Kambalda Minerals abandons Windarra claims in Western Australia as exploration winds down. VAM Ltd directors foresee annual accounts soon and report drilling on the Zeeban Prospect in the Northern Territory. Copper grades around 3.08 percent with 9,517 tons recovered, while prices for copper decline. Additional acquisitions involve Easley and Lewers and a 780,000 share issue to fund future mining.
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