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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Mar 11, 1966
Page
19
The receiver C H R Jackson states H G Palmer Ltd must continue trading to maintain asset values, despite a further write-off between June 30 and October 26 1965. He warns unsecured creditors’ claims could be valueless and debenture holders’ claims jeopardized if operations stop, citing potential large losses from realisation, bad debts, and collection costs.
American help from the United States Federal Reserve Bank spurred a surge in sterling after the pound fell to 2 7930 dollars. Dealers in London noted the market was buoyed for a fourth straight day by official support, with the rate edging to about 2 7981 dollars as Paris Bonn and New York reported continued selling pressure easing.
Dealers surprised by rapid selling push pound to its lowest level since last September’s emergency support operation by 10 national central banks. The decline comes despite Chancellor James Callaghan’s Parliament announcement eight days earlier of Britain’s credit and reserve facilities exceeding £1,800 million plus last year’s international support facilities.
Continental Oil and Dow Chemical fail to break a bid deadlock for Adelaide based Amalgamated Chemicals. Dow claims higher equity and plans to bid. Continental seeks government consent and cites Australian fertiliser demand and phosphate rock digs.
The report outlines bad debts totaling 11 million and a deficiency of 15.462 million with a preliminary loss forecast. It notes asset write downs and adjustments from December to June creating an overall large negative variation and estimated further write offs totaling about 25 million.
A chaotic report outlines Sty Shafer and Kompany eyeing carbon plant setup in Australia within the year. It notes confusion over regulations, proposed expansion, and a complex mix of bids, profits, and restructuring affecting Amalgamated and Continental tied firms, with figures cited for dividends and asset valuations.
A Toronto correspondent reports that Rainbow Lake in Alberta near the British Columbia border is the focus of intense activity in the Canadian oil industry. One major oil field has been found with more possible, as companies keep details secret and stock action hints at larger potential. British Petroleum controlled firms participate in Cold Lake tests, where several wells have been drilled but no reserves or cost figures are disclosed, while officials warn estimates remain highly speculative.
End of 1965 shows a drop in new capital raised by Australian companies compared with 1963 and 1964. The latest halfyear total around STMR.2m, with December and September quarters also showing declines. The data reflect reduced activity on the Exchanges and record the lowest quarterly totals since mid 1963.
The Sydney Stock Exchange showed a tenth straight daily decline with the All Ordinaries down to 39.08 as leaders barely recovered. Henry Jones rose after yesterday's fall while BHP gained 4 and WA Carpenter fell, Ansett slipped, and British Tobacco improved slightly amid a broad turnover of 11.7 million on industrials and mining stocks.
A Optical Breakin Refresh Refresh Holdings Ltd and related Coca Cola bottlers in South Queensland and the SSW northern rivers report higher half year trade to December. Brisbane sales rose 14.6 percent while Lismore sales grew 1.46 percent year on year. Overall group profit aligns with May estimates though Brisbane and Lismore see unequal profit rises. interim dividend reduced from prior levels due to capital adjustments and depreciation.
A garbled report notes a coal price rise described as a record with references to quantities and statements about production. The fragment mentions a board and service figures, aiming at end of year outcomes, but the text is largely unreadable and lacks clear names or dates.
Sydney thursday trading shows varied wool futures with prices quoted for March 004, September, October, December, January, March, May and July contracts. Notable values include September at 1015, October 101.4, December 101.13, January 100.6, March 101.3, May 101.4, and July 101.45 amid overall subdued activity.
Two major Japanese motor vehicle makers plan to assemble passenger cars and trucks in Peru, the best Latin American market for Japanese vehicles. Nissan and Toyota aim to set up plants in Lima with initial outputs and government support. Production targets rise toward 200 units each, boosting exports and job creation in Peru.
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