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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jul 20, 1965
Page
4
The economics desk notes labour demand remains strong with tight unemployment, higher vacancy counts, and sustained overtime. NSW Victoria and Queensland show varied drift in unemployment benefits, skilled labour shortages, and shifts in industry, transport, and manufacturing demand.
Sydney stock market edged higher with most sectors up as the Share Price Index finished 6.49 points at 317.60. Miners and industrials traded actively while heavyweights like Myer and Television Corporation gained. BHP declined. Bond turnover totaled £30,660 as industry leaders highlighted second-tier depth.
Adelaide Monday Camelec Ltd maker of electric cables has kept its 16 per cent earning rate on higher ordinary capital and the ordinary dividend remains at 10 per cent for the fourth year in a row.
The preliminary report for the year ended June 30 shows a rise in profit before tax and depreciation after adjustments. Directors note increased earnings on expanded capital, with the depreciation impact easing and the earnings rate around 16 percent, up from 15.9 last year.
Sydney reports show major banks increasing advances by 1,315.6 million in June to set a new peak, with year over year gains and higher liquidity, while US group figures and corporate takeovers influence overall financial conditions. Gidgealpa open hole gas flow hits 1.2 million cu ft daily. Hecla Australia posts record profits rising to 140,687 pounds with a 25.50 percent earning rate and higher dividend.
The Chancellor faces a fraught path as export demand falls, the pound weakens, and a large balance of payments deficit looms. Officials weigh devaluation against tighter controls, with Bank of England intervention likely and policy moves from Brown and Callaghan to restore external balance.
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