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Newspaper
Longreach Leader
Location
Longreach, Queensland, Australia
Date
Oct 22, 1954
Page
5
The National Bank warns that while reserves remain sizable and the wool market strengthens, a traditional 1951 style setback is unlikely. Exports and imports are adjusting as government contracts end, with hopes that active trade negotiations and missions will restore earnings beyond wool.
The Petroleum industry argues it is undercharged and victimised by devaluation and cost inflation. It cites a 14 percent price rise since the war, thinner margins, and a 3.3 percent after tax return on £111 million funds, contrasting with 8.1 percent profits for manufacturers in 1951-53. The industry says tax cuts and price controls harm distributors and force a costly one-brand system.
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