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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Oct 26, 1973
Page
3
The Australian Industry Development Corporation stated it had no view on Government plans to expand the corporation and aid Australian firms to grow local industry. Board members, including Dr Cairns, emphasized the board’s independence from government proposals and refuted claims of opposition to the legislation.
The Treasurer Mr Crean announced an increase in the overseas deposit requirement from 25% to 33 1/3% to curb liquidity injections from foreign borrowing. The move raises the effective interest on overseas loans to about 1.3 times the nominal rate, part of measures tied to Reserve Bank actions and anticipated domestic policy shifts by the Whitlam government. Overseas loan approvals varied widely, with December approvals at 232 million and later months showing fluctuations under the variable deposit scheme.
Connor cited hold on to mining shares as market voices question true value amid British government limits on repatriation. Lynch pressed minister over reports of a stock jobbing fire and firms Berger and Gosschalk withdrawing from Australian mining and industrial markets as trading closes. Connor vowed to investigate despite uncertain reports.
A.G.C. or Eitan Guarantee Corporation reports a dramatic rise in net profit for the year ending September 30, with a 216 percent earnings improvement and an average shareholders funds return of 18.37 percent. The group notes higher ordinary capital, asset growth, and a proposed final dividend of 7.3 percent, while rights issues and subsidiary details influence the expansion.
An unclear notice states Bougainville group announces a scheme impacting its owned subsidiary Sougainville Copper Ltd. Shareholders may be affected directly in their SaBoid shares. The document references the effective date of the arrangement and lists involved entities.
A and K and CSR plan to buy shares in Australian and Kandos Cement Holdings to block a takeover by Cumyacis. The move would grant about a tenth each of voting shares, protecting supply for major cement consumers and shaping the NSW cement industry amid possible mergers and price stability concerns.
The Robe R case continued into its third day in New South Wales court proceedings. Prosecutors and defense teams presented further testimony and evidence as the trial progressed, with jurors attentive to each development.
Directors report a 1973 earnings uptick with a special bonus dividend of 1.452 million dollars approved on September 28, payable from share reserve. Adjustments include increased total assets and changes in program commitments, trade creditors and debt provisions, plus depreciation provisions and tax reductions.
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