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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jun 04, 1968
Page
5
Treasurer McMahon forecast a year of good growth for Australia saying private investment and government activity would sustain expansion. He cited a high rate of capital formation and a bright outlook for the economy, aside from the farm sector, with substantial investment driving output and jobs.
T J Ryan of Sydney has been named South Pacific field representative for CUNA International. He will open an office in Canberra to liaise with credit unions across Australia and New Zealand, Papua New Guinea, Fiji, and the Samoas. Ryan, a former banker and director of New South Wales Credit Union, will work on private investment and economic growth strategies with member unions.
A De partment of Agriculture spokesman said the 1967 68 wool clip for Goulburn is projected at just over 18 million pounds, about 17 million pounds less than last season's record. Adjustments to margins will be retrospective to January 22, 1968, with an average price of 50c a pound implying a potential value near 9 million dollars.
Directors of Con zine Riotinto of Australia Ltd, owner of Zine Corporation and holder of 42 percent in New BH, said unionists at Broken Hill mines would strike two days weekly until a Metals Trades Award dispute over margins is resolved, risking reduced lead concentrate and metal production and sales.
Keen inquiry for better grown finer wools marked the first day of Sydney wool sales yesterday. In London, EC de Witt, a pharmaceutical manufacturer, was reported negotiating to acquire the Porter and Moore Ltd business worldwide, as announced.
Directors of Richmond Tweed TV Ltd announce a return of capital with books closing June 26 to determine shareholders entitled to notice of a meeting to consider the reduction. A July 20 meeting will discuss the proposal though a figure is not yet stated. The firm has 1,399,200 five shilling shares. Retail sales eased by 4.2 million in April to 620 million, the largest monthly drop this year, with upward trend overall since July.
CIG announced an improved interim payout rising to 19.9 percent from 14.8 with a profit lift. interim and ordinary dividends to be paid July 29 and July 12 shareholdings to participate in the bonus issue. Treasury comments on sterling reserves and guarantees for overseas holders amid potential devaluation.
Sydney brokers earned commissions totaling $12.6 million in the six months to December 31, with figures showing a $4.6 million first half. The report notes gains amid a boom in Australian shares sparked by the Western Mining nickel find, while warnings echo about Hong Kong’s sterling link and global currency pressures.
IPC reports profits for its newspaper and magazine complex fell by 4,374,285 dollars to 14,252,142 for the year. The final dividend is cut from 13 to 10 percent, with IPC shares sliding on the stock market. The group runs Daily Mirror The Sun People The Sunday Mirror and owns Reed publishing interests.
ICIANZ reports half year profit of 5.633 million dollars up from 3.865 million in the prior year. The return on ordinary funds climbs to 3.42 percent from 2.18 percent, with paid capital steady at 97 million and interim ordinary dividend at 3 percent. Group sales total 136.4 million, down 8.6 million from the previous period due to fabric division sale and devaluation effects. Net pre tax profit rises to 10.607 million, aided by depreciation and investment allowances, with earnings per share improving to about 10.8 percent after tax.
In 1964 Nabisco and Australian Biscuit Co battled for Swallow and Ariel Ltd. Nabisco withdrew, but directors vowed to enter the biscuit field. Now Nabisco launches 21 new varieties in Victoria aiming at 15 percent of the 25 million market, with a plan to expand to NSW, Queensland and SA. The rival Brockhoff Arnott Guest Swallow Co dominates about 70 percent in Victoria. Nabisco, an offshoot of US National Biscuit Co, began Australian operations in 1960, and is preparing a $10 million Broadmeadows factory after consolidating Purina brands.
Permutit Co Ltd reports its Australian subsidiary finished 1947 with a sound year and healthy order books. Management looks ahead with confidence to the 1968 outlook as finance news continues on the next page.
Project Development Corp Ltd will address the Sydney Stock Exchange with a formal statement regarding Medea Anesses. The move signals a planned disclosure or corporate action affecting the company\'s share position and investor communications.
Kambalda mine shows higher head grade nickel and copper. Nickel content climbs to 3.97 percent with 2,388 tons processed in May while ore stockpiles reach 11,288 tons. Copper rises to 0.46 percent and nickel to 2.35 percent in latest period amid revised tonnages and assay figures from Western Mining.
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