Wheat sales drive sour note in Communist states
London reports a Daily Telegraph editorial noting uneasy reactions in Communist countries over recent wheat sales by Canada and Australia to China and Russia. It cites multi million ton deals, high currency costs, and questions whether socialist farming can meet needs without market mechanisms.
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Air Force signs for Hawker Andover aircraft deal
The Department of Air signed a deal for eight Hawker Siddeley Andover aircraft to replace the Dakota fleet used by the Royal Australian Air Force for 20 years. Ceremony photos show Hawker Siddeley official A F Smith, Air Chief Marshal Sir Alistair Murdoch, and Air Department Secretary B McFarlane.
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Sugar Council pushes new long term sugar agreement
The International Sugar Council meets in London as world sugar prices fall and members push to negotiate a new long term agreement. Delegates from exporter and importer nations including Bolivia and the European Community discuss a fixed price under a 3.0 cent per pound range and review short term delivery terms amid market pressures.
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Henry dies in meeting with President on US investment stance
An unclear summary references Sir Henry defiantly arguing for continued US investment while the President signals a restrained approach. The dialogue touches on Australia and capital movement with US Ambassador Edward Clark in Washington for consultations ahead of a visit by Mr Holts.
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Holeproof inquiry ordered in Auckland court
Crown Law office leads application in Supreme Court for an order to appoint inspectors to investigate Holeproof Industries dealings under the Companies Act 1955. A copy of the application has been served. hearing expected next week.
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Market Down in London Friday Report
London stocks drifted lower as investors discounted hopes for an early wage settlement and held back on purchases. Prices fell as banks kept rates steady and financial nerves grew amid soft demand and weak retail activity.
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Chairman resigns after Melbourne annual meeting
The chairman of a Melbourne company resigned after the annual shareholders meeting. Salary had risen from 520 to 5200, with talk of directors’ capital changes and a record net profit largely due to the salary increase. The board suspended the ordinary dividend, and forthcoming details on Western Mining Corporation were promised.
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Warrego Mine funding plan moves near Tennant Creek area
Directors of PekowWalls Investments Ltd reported yesterday they will enter the six month first stage of the Aevelop Woodside Acnee project near Tennant Creek. The Warrego mine is slated for commissioning with about $10 million expected, targeting Shaw River AD guidance.
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Offshore oil legislation makes progress in Australia
Melbourne report says Victorian Acting Premier Mr Rylah announced progress toward Commonwealth and state agreement on offshore oil resources. He chaired a conference of attorneys general and mines ministers at Parliament House and noted several decisions. a formal statement is expected next week.
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BHP to issue debentures in September
Australia’s Broken Hill Proprietary plans a new debenture issue in September. Directors announced terms and eligibility for shareholders and debenture holders, with a medium term debenture option. The issue follows an April 1962 precedent raising 43,164,200 by 7 percent first mortgage stock, issued last year.
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Askin to Tour Japan to Boost Business Ties
NSW Premier Mr Askin will undertake a two week tour of Japan likely starting next Wednesday to promote Japanese business interests and assess conditions for Australian investment. He aims to meet partners in Sydney and discuss aiding capital development with Japanese lenders and firms.
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BHP shares hit four-year high as market fluctuates
Sydney trading featured BHP reaching a four-year peak after a volatile session with many stocks advancing then retreating. Prices showed sharp moves in miners and banks as trading ranged from gains to losses amid speculative activity and mixed regional news.
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