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This newspaper page contains 11 articles. Subscribers can read the full text of each article.
Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jun 21, 1973
Page
11
Robin Brown reports on the GM-Holden leadership appointment in Australia and the ensuing debate over internationalism versus local control. The piece notes American leadership, GMH’s multinational stance, and industry opinions about Australian ownership and future car sales strategy amid broader global trends.
Reserve Bank data indicate a sharp shift in Australia’s capital movements with a net outflow of about 675 million for January to April. Inward capital approvals fell for the fourth consecutive month while withdrawals rose, marking a complete turnaround from late 1972. April approvals for inward capital movement reached a low not seen since 1949, with the loan component notably small.
A preliminary analysis by a Bureau of Mineral Resources officer finds no immediate concern about reserves of Australia’s principal export minerals iron ore coal and bauxite. The report notes known resources of titanium and zircon are adequate to meet future domestic needs and is summarized in the latest issue of the Australian Mineral Industry quarterly released yesterday by the Minister for Minerals and Energy.
Western Australia increases assessed iron ore reserves to 24,000 million tons, about 4,000 million tons higher than four years ago. The Mines Minister May notes ore grade remains high, with iron content above BI and reserves rising from 1 ROM million tons to 7.1 billion tons.
Comalco announces it will acquire Pillar Pacific Pty Ltd and associated Pilar group companies in Australia. The plan includes purchasing all issued capital of Pilar Naco Pty Ltd Thaiey Pty Ltd Pel Wir Wady Fabricators Pty Ltd and Pilar Macro 1NG Pty Ltd Brytalay by 30 June 1973. The deal centers on Comalco holding a stake in RTZ Pillar group and comprises a wholly owned takeover of the Pillar entities.
COMIN ROBINSON argues in a Times column that future energy security hinges on recognizing finite fossil fuels, potential uranium and breeder reactors, and emerging sources like nuclear fusion and hydroelectricity. He notes rising prices, geopolitical pressure, and the need for economical shifts as technology and policy evolve.
Two leading British financial groups abandoned plans for a large merger creating a vast international empire valued at over £1 500 million. The decision followed concerns over anti monopoly enforcement and work style differences that could hinder merger success.
The Sydney Stock Exchange calls on Australia Corporation Holdings MD Lul Me Sidney Fincher to abstain from voting at the forthcoming extraordinary meeting on the proposed acquisition of a minority stake in ADC Holdings. The exchange notes Fischer and related interests, plus associated Nim or family links, should abstain to keep the ADC stake with Sydney Consolidated. Capital Services head Austin Donnelly commented on payments above face value this month.
Sydney Gnancier Associated Securities Ltd announces a 1.6 bonus issue with a maintained dividend rate. New shares will carry the same dividend as the previous year, paid on June 34, 1973, from share premium, with about 156 million dollars capitalized. Interim dividend declared this year. Annual meeting Friday.
Siddons group plans a non five issue of 0c shares at a premium of 7Se per ten shares to raise 1,008,995 shillings for continued development. The issue is underwritten by Australian United Corporation Ltd.
Bushells reports pretax trading profit of 33.57 million after depreciation and tax provisions. The group’s total value rose modestly as selling prices and earnings growth lagged, with minority interests up and directors urging a steady final dividend of 6 percent. The article notes uncertainties around a potential merger and adjusted forecasts as profits increase 16.7 percent year on year.
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