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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jun 30, 1977
Page
5
Tasmanian Cascade Brewery Co Ltd reports a 26 per cent rise in profit to 1,823,000 for the year ending March 31 aided by higher beer prices. Turnover grows from 51.3 million to 56.0 million. Final dividend rises to 13c with 2c interim. books close August 4. dividend pay August 18.
The Melbourne Stock Exchange lifted the suspension on Alliance Oil Development NL. Trading resumes today after shareholders approved a capital reconstruction and reduction plan at an extraordinary general meeting held on June 17.
MIM Holdings Ltd will acquire Wood Hall Ltd's 40 percent stake in Collinsville Coal Pty Ltd for 6 million dollars subject to Federal consent. The deal makes CCP a wholly owned MIM subsidiary, giving MIM control of the Collinsville coalfield in North Queensland, with mines open-cut and underground. Collinsville produced 850 000 tonnes annually and supports MIM's Mount Isa needs and the Collinsville Power Station. The coalfield's profits reached about 1.3 million in the year to June 30, 1976.
A garbled OCR snippet shows partial share market terms and a quoted price but lacks clear entities or actionable data. No identifiable persons, organizations, places, dates, or numbers are readable enough to anchor a factual card.
May new dwelling approvals in the ACT totaled about 150, down from about 390 in May last year and 80 in April. The month’s building value reached 7.8 million dollars, with 4.7 million for new dwellings, 600 thousand for alterations, and 2.5 million for other building, versus 23.2 million in May 1976.
The Bureau of Statistics reports seasonally adjusted retail sales rose 1.7 percent in May from April while annual growth trails inflation. On original figures May sales reached 1,878 million dollars, up from 1,754 million in April and 1,660 million a year earlier.
The Department of Commerce reported May’s trade deficit with the world fell to the year’s low, driven by sharp drops in imports of coffee and oil. Exports lagged, with the deficit at about 1.1 billion dollars, and year to date at 8.89 billion. The government still predicts a larger gap this year.
The Treasurer, Mr Lynch, announced in Parliament proposed amendments to the income tax law to prevent private companies from acquiring public company status to dodge taxes. The change targets end of year control by a public body that is not genuinely maintained for public purposes and would be retroactive to yesterday, preserving true public bodies while disallowing sham arrangements.
The Reserve Bank in Sydney signaled it will look favorably on higher housing loans by savings banks and permanent building societies in coming months with conditions. It urged lenders to consider liquidity, economy, and avoid rapid upsurges that could fuel inflation, as May building approvals suggest activity may slow further.
Debentures arranged by G J Coles and Co Lid totaling 15 million with a major Australian investor. The issue carries 11.5 percent annual interest and matures on June 30 1987 to fund capital investment and working capital needs METALS LONDON copper prices and other commodity figures accompany the report with market notation.
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