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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Sep 18, 1973
Page
7
Mell bourne based steel and eel group Overseas Corp reports a 2 percent dividend rise and profit expansion from 2 239 000 to 12 625 000 for year to June 30. Sales up 13.4 percent as directors say the new year starts satisfactorily with improved earnings and a final dividend of 9 percent including a bonus.
Thomas Nationwide Transport reports a 15.2 percent rise in group revenue and a record net trading profit of 5.56 million for the year ending June 30. Extraordinary gains of 0.444 million, currency realignments, and property sales lift total profit to 6.04 million, up 24.2 percent from the prior year. Revenue growth expected from overseas operations offset by strong Australian results, with notable acquisitions in the US Canada and South America set to boost year ahead totals.
Comeng Holdings, a heavy equipment maker, reports a net profit of 2,629,354 for the year ending June 30, with prior year 81,908,665. Directors recommend a final dividend of 10 percent payable November 13. Turnover of Comeng and subsidiaries, and its share of associated companies, fell modestly for the year.
The Sydney Stock Exchange Ltd chair, Mr J. H. Cooper, announced he will not seek re election. He has chaired since 196? and joined the committee in 1956 with a brief retirement for health in 1964 65. He served as honorary treasurer and later as vice chairman. He will preside over his last annual meeting on October 10.
In Seoul, Monday, Dr Cairns, Australia’s Minister for Overseas Trade, urged South Korean officials to pursue exporting opportunities to Australia. He noted a 25% general tariff cut last July and a new developing country tariff preference plan planned to start around 1% below the general rate, reviewed every two years, with a no quota framework. He also said developing nations would benefit from the ending of special Commonwealth tariff preferences as Britain joins the European Common Market.
Canberra based Datawise Pty Ltd has appointed Tony Hall as data-processing manager. Hall, formerly with Hewlett Packard Australia, brings experience from IBM and Burroughs in Britain. Datawise starts operations with an HP 9830 mini and plans commercial management services beyond pure data processing.
A study funded by the Australian Commission on Advanced Education examines community computer training needs and how tertiary education in Australia can meet them. It surveys computer facilities, staff, and course requirements across disciplines, projects future demand, and compares expected outputs with industry needs over the next decade. A National Computing Centre UK consultant will assist, enabling a two way exchange of ideas.
High activity boosted deposits and advances at major trading banks in August due to buoyant overseas trade and seasonal government spending. Australian Bankers' Association director R B Cameron noted banks cut new lending after a July 6 monetary authority request, with total new commitments down about 13 percent over four weeks to August 10.
Britain battles a collapsing pound amid heavy selling and mounting defense costs. UK reserves fell, borrowing abroad surged, and July trade figures showed a widening deficit with unit import costs rising faster than exports. Inflation, budget pressures, and a cooling boom challenge Heath's plan to sustain growth and protect the exchange rate.
UC Compunet reestablishes its nationwide line linking Canberra Perth and Sydney. The UniVac 1004 terminal at Northbourne Avenue connects to Univac 1108 at Artarmon,Completing a network with Sydney Melbourne Adelaide and Dar witah. Civil and Civic orders a 1004 for LC Compuner hookup soon. The firm faced a tough start lacking CSA US backing and AMP Society contracts.
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