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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jun 22, 1968
Page
9
The Bega Co-operative Society Ltd proposes to spend 490000 on new factory buildings and equipment for cheese manufacture in Bega. Chairman J B Darcy outlined the expenditure at a shareholders meeting.
Kaiser Aluminium of the United States and Placer Development of Canada plan a joint expansion of mineral exploration in Australia and New Guinea. A new holding company will own equal shares, with Placer Exploration doubling its Australian operations and offices in Sydney, Perth, Cloncurry, Bulolo, and a Darwin base to drive northern development.
Daventry Pty Ltd offers 34 a share for all 1,789,004 Metropole shares valuing about 4.6 million. Metropole directors oppose the bid and announce plans for a bonus issue, predicting profit gains and higher dividends as the hotel’s value and earnings rebound. They note 14 percent of first class Sydney hotel capacity and 40 percent of medium tariff facilities, expecting higher net profit for year to June 1968 and again next year after renovations.
Silverton Transport and General Industries Ltd received a 1.25 million dollar ex gratia payment offer from the Federal Government. Directors called the offer entirely inadequate as the company operates a narrow 45 miles long line between Broken Hill and Cockburn near the NSW SA border. The article notes planned standard gauge routes and new lines from Port Pirie to Cockburn affecting Silverton’s operations. Railway minister Sin clair stated the governments recognise that decisions on the Broken Hill Cockburn standard gauge line would influence the company.
The directors of Haliburton Investments Australia Limited state net revenue for the half year ended May 31 18 was 24 022 dollars, compared with 22 104 in the prior corresponding period.
Britain has no plans to restrict portfolio investment in Australia or other sterling area counties. A Treasury spokesman said the government would not impose new curbs beyond voluntary restraints, despite a Guardian editorial urging controls on overseas share purchases. Investors reportedly surged into Australia as rumours of stricter limits circulated.
General Credits reports 1967 net profit of 1,057,159 up from 1,052,906 as insurance subsidiary incurs 243,480 loss due to overseas underwriting and reinsurance issues. Gross receivables climb to 103.8 million. tax up to 1.01 million and lower depreciation aid the result. No final dividend. shareholders receive half of the final dividend via CBA offer of 1 CBA share per 3 General Credits shares.
Mick Simmons Holdings Ltd directors sold all their shares following a Melbourne Stock Exchange sale of 957,390 shares at a price near the market. The sale to A C Goode and Co. comes after they resisted a rival raid and argued the company was trading at improved profit levels. Names of directors and past positions are listed, with no disclosure of final control.
First National City Bank of New York opened a new branch in Djakarta last Monday and will open a second branch there later this month. Citibank plans 17 new overseas offices this year, bringing total offices to 247 in 64 countries and territories outside the United States.
Tennant Creek Metals NL plans a two-for-one issue at par totaling 1,360,000 with full payment due by August 30. The company said on May 8 it acquired a 10 percent stake in Group Exploration and disclosed mining assets and related details amid a year of activity across its projects.
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