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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jun 27, 1969
Page
5
Directors of James Hardie Asbestos Ltd lift the dividend rate from 10 to 124 percent after a 20 percent rise in group net for the year ending March 31. Earnings rise to 3,494,959 from 2,917,343 though the year misses the 1.5 million peak four years earlier due to higher taxation and depreciation. Net profit to outside shareholders remains mixed amid tax and depreciation changes.
An Australian official speech praised world cooperation in development as private enterprise teams with overseas investors. The Mount Newman project, led by Metal Climax Inc, drew partners including Mitsui, C Itoh, The Colonia Sugar Refining Co, Broken Hill Proprietary, Selection Trust, and American backers. The venture progressed with production starting and 60 officials and executives visiting, while Australian capital contributions grew and earnings improved.
G. N. Raymond Ltd will take over prefinished bottoming activities from Interstate Rubber Co Ply Ltd, a Michaelis Bayley Ltd subsidiary, effective July 1. The move covers prefinished put soles and sole and heel units for the footwear industry, plus the agency for sheet soling and components by W. W. Chamberlain and Sons Ltd, SOF Britain. Interstate Rubber will continue supplying sheet materials to Coriam, Corzan and other footwear requisites and serve the shoe repair trade.
An open ceremony at Mt Whaleback featured a 20 ton hematite detonation watched by Nag waving children and visitors from Newman. The blast marked the opening of a mining event televised to Adelaide and broadcast to London New York Tokyo with film shown in Sydney Melbourne and Perth. Bank of Australia restructures top management led by chairman Chester Guest proposing five divisions and board driven articles amendment. Mitsubish Heavy Industries plans a joint venture with Chrysler to market a new model and export 1300 to 1500cc engines, targeting the Mount Newman mining region and international markets.
Sir Paul Hasluck opened the Mt Newman iron ore project near Perth in a four nation mining operation. He stated Australia’s policy supports foreign investment while maintaining strong Australian equity. The event featured a multi coloured explosion, satellite TV hookup, and a social garden party amid a remote setting hundreds of miles from major cities.
BHP and Esso report gas shows in the Snapper-2 offshore well, two miles east-northeast of Snapper-1 off Nicety Beach, 32 miles southeast of Bairnsdale. Snapper-2 reaches 4,362 feet as coring proceeds while Turrum 1 is abandoned as a dry hole after 16,029 feet. Ocean Digger prepares for maintenance at Corner Intel near Welshpool.
Allied Mills Ltd reports a supportive interim update to shareholders. Sir John Cadwallader, chairman, says full year profits should beat last year’s and foresees about 7 percent annual earnings with a 34.2 percent interim dividend yields and a planned divisional structure across the group. The update notes redundancy risks and ongoing consolidation as subsidiaries shift to trading on an improved basis.
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