07 Jun 1962
Page 1
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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jun 07, 1962
Page
1
The Treasury White Paper reports overseas reserves at £761 million the highest since 1951. It notes rising employment, liquidity in monetary conditions, and expanding bank lending as part of a continued revival. It warns of inflation risks and the need to keep prices and costs stable to maintain trading strength.
The White Paper endorses steady expansion over rigid five year plans. It calls for continuous government industry consultation, higher investment to consumption ratio, and more labor and materials for capital goods. It notes favourable but slowing world trends with Britain and Japan cooling after a strong year.
Eight Sabre jet pilots stationed at Ubon Airfield near Laos border study a territory map. The personnel include Flight Lieutenant D Johnston of Sydney Pilot Officer D Newton of Sydney Wing Commander J Hubble of Perth Squadron Leader R Trebilco of Sydney and others from Queensland and Western Australia.
Australian rider Tom Phillis 28 died on the way to hospital after a crash in the Isle of Man Tourist Trophy. New Zealand racer Colin Meehan 28 was killed earlier in the same event at over 90 mph. Phillis had finished third in a 125 cc class race and had won the 1967 world lightweight title.
The President of Cyprus Archbishop Makarios arrived in Washington for talks with President Kennedy and received full military honours on arrival.
A letter signed by 12 figures including Sir Derek Walker-Smith and Viscount Hinchingbrooke urged halting negotiations with Britain over Commonwealth trading terms. They warned ministers risked Commonwealth interests and called for a conference to craft a positive trading policy with the Common Market. Gaitskell declined immediate stance until terms are clear.
Lord De Lisle and family arrived in London for private visit amid his wife’s illness. Melbourne reports suggest he may not return to Australia to resume Governor-General duties. London says he intends to go back, with plans possibly for Canberra in September.
Loyal South Vietnam forces killed 50 Communist guerrillas in a Monday clash to seize Thanh Tri near the southern tip of the Republic. Fifteen government troops and three civilians died, as airlifted troops and air strikes countered the attacker. A London telegram said the Pathet Lao pressure on two British officials and two doctors prompted a request for their release.
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