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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jul 06, 1973
Page
3
On June 20 1948 Western allies issued 40 D marks per person launching the economic miracle and locking in Cold War tensions. By 1973 the mark underpinned high living standards yet faced inflation and domestic strain as policy sought to curb spending.
J P Cass, chairman of the Australian Wheat Board, said Australia is unlikely to increase its annual wheat shipments to China beyond about 22 million tons. He spoke in Melbourne after leading a trade delegation to seek a long term deal, aiming for a five year agreement but noting no price or quantity commitments. The board hopes to sign before September and to clear its side next week.
The US dollar opened higher against the mark and rose in London Paris and Amsterdam before slipping, while the pound fell slightly against most currencies. In Paris the franc weakened to 4.93 francs per dollar then recovered. Japan considered maintaining the yen float amid IMF talks. France raised its bank rate from 7.4 to 7.8 percent as inflation measures stepped up.
The Federal Treasurer Mr Crean said the Industries Assistance Commission would extend public scrutiny to all forms of aid and to industries beyond manufacturing. Speaking at the Australian Electrical Manufacturers Association dinner in Sydney, he noted Sir John Crawford's report envisaging a body that would improve efficiency of resource use, aid adjustment to the economy, and consider consumers and affected industries in commission measures.
Edwards Dunlop and Company Ltd, a stationery and printing supplier, reports full year sales up 12.41 percent and net profit of 1,530,681 after depreciation. Directors propose an interim dividend of 32 percent in February and maintain the annual rate at 11.5 percent despite new subsidiaries boosting figures.
Larke Consolidated Industries Ltd plans a takeover using a new holding company Lid to acquire Larke on a one for one share basis plus cash for each share. The plan aims to thwart a partial bid by Hooper Bailie Industries Ltd which holds about 5 percent.
The Colonial Sugar Refining Co Ltd plans a 50 percent interest purchase in Sydney based Home Units Australia group. Details on cost and payment are undisclosed and completion is expected by month end after audit procedures. CSR positions the deal as complementary to its growth, per general manager R G Jackson.
Australian banks approved loans for housing worth 131,032,000 in May, preliminary census figures show, down from 191,469,000 in April. The bureau noted 4,975 loans for new dwellings totaling 47,959,000 and 6,805 loans for existing homes totaling 79,143,000, with 3,940,040 approved for alterations and additions.
Burmah Oil UK and Kanematsu Goshu of Japan confirm a joint study for a Pilbara scheme dubbed the Pilbara concept. The plan envisages a five million ton a year LNG export operation and a large power station costing about 4600 million with gas from undeveloped fields and potential tie‑ins to Goodwyn and North Rankin.
Yesterday's auctions at Homebush saw lambs softening while heavy lambs traded around 50c, with schedules showing declines to 60c for light stock. Wethers ranged 44c to 6c, ewes to 4c, hoggets 40c, while cattle lines were steadier with some firming in best cows and bulls.
In Canberra Petty Sessions Edward Seville 34 of Ayers Street was convicted on two driving charges for a blood alcohol level at or above 0.08 and for driving while licence was suspended. He claimed his wife was driving the car. Witnesses said he was found arrested near his home after driving from a Narrabundah hotel on April 5 and recorded 0.208 percent Breathalyzer. His earlier 0.14 percent BAC led to licence suspension. he later received a special licence for work. Mrs Madge Seville, a learner driver, offered limited memory of driving and said she believed her husband should be detained until sober. The court pressed for conviction, noting his prior record and dependence care.
A Newcastle doctor, Dr John Truss, 31, was given a six month suspended jail term and a three year good behaviour bond after pleading guilty to 50 charges. The charges included obtaining drugs by false representation, writing prescriptions after authority was withdrawn, and obtaining poisonous substances. The court noted the doctor had taken drugs to cope with strain and placed him under probation supervision for treatment.
Melbourne Premier Hamer warned at a Press Club luncheon that government intervention in the press would be “a very evil day” and emphasized keeping the state out of Benepaper and television areas. He urged uniform libel laws conforming with Britain’s model and criticized differing state rules.
Australian diplomatic heads from across the South Pacific will gather in Suva from Tuesday to Thursday, the first such regional meeting. Attendees include Canberra Foreign Affairs Secretary L Border, Fiji High Commissioner H Bullock, Nauru envoy L Sallas, and PNG representative M Lyon, reflecting closer ties and a focus on trade, aid, and administrative diplomacy.
Sydney accountant Nick William Giddings, 54, of Warrawong, acquitted of two counts of defrauding his firm Sanderson and Co (SO) Pty Ltd of securities valued at 1967 dollars. He faced twelve alleged offences totaling about 78,000 dollars while director in charge of accounts. Judge Govan directed guilty on ten counts, but jury returned not guilty on the last two after a three-week trial.
Canberra’s Apprentice of the Year will win a two week overseas holiday with spending money and a two week placement on a Navy destroyer. The winner to be announced September 5 at the Hibiscus Jamison. Apprenticeship Week promotes awareness of trades and opportunities with displays by government, private sector, colleges and the Apprenticeship Board at Monaro Mall Garema.
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