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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
May 21, 1968
Page
13
Gold prices climbed to a new high near 42 an ounce as London markets reopened and demand increased. The pound rebounded while free market rates showed fluctuations amid ongoing exchange selling and global demand shifts, with traders noting a temporary peak above 42 dollars per ounce.
Broken Hill Proprietary Co Ltd reports April iron and steel output at lower rates than March yet still higher than a year earlier. Pig iron and steel tonnages declined from March figures but stayed well above April 1967 levels. overall divisions eased though 11 months of the financial year show continued above prior-year figures. Platinum production in the period reached about 4.69 million tons, with steel output rising to over 5.68 million tons by year end.
Directors of Talcott Factors Ltd move to change the company’s voting system after a share raid. A special general meeting is set for June 12 to switch from sliding scale to one vote per share. The aim is to strengthen the 38.4 percent stake held by Mutual Life and Citizens Assurance Co Ltd and Commercial Banking Co of Sydney Ltd.
Shell Australia reports a 1967 profit of 16.962 million with group figures showing tangible and intangible assets totaling 306 million. Revenue rose 10 percent with crude oil development and indigenous resource initiatives seen as key drivers, aided by exchange effects and an overseas debt settlement.
April new vehicle registrations in Australia reached 36 276, about 12 percent higher than April 1967, with motor cycles and other vehicles contributing to the rise. Tax changes and investment allowances affected industry finances, while Shell and Talcott Australia discuss capital moves and project developments. Preliminary exploration and issued options hint at ongoing expansion in mining and manufacturing, as figures show momentum despite market variability.
Reckitt and Colman Pty Ltd, a UK controlled multi million dollar group, is named as the proposed merger partner for Big Sister Foods Ltd. The announcement identifies Reckitt Colman as the suitor in a critical expansion move.
Dillingham Corp of Aust Pry Ltd contemplates a merger with Big Sister, revealing 1 085 696 options exercisable by Dec 31 1970. Reckitt and Colman hold 41.7 percent equity, while Tan and others discuss capital changes and new shares to be issued, potentially creating a minority in the merged entity.
Foy's McDowells Lid confirmed it has received acceptances representing over 80 percent of Mark Kauseonite shares. Directors of Mark Poy's Ltd accepted the offer, priced at $205 per share before charges, which now remains open until June 7.
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