Sydney Stock Exchange Modernised

Press, Volume XCIX, Issue 29366, 19 November 1960, Page 10

Sydney Stock Exchange Modernised

[From the Commonwealth of Australia News and Information Service] SYDNEY, November 2. J'LOSED circuit television, bringing trading operations within the view of the man in the street, and many new acoustic developments, are features of the new Sydney Stock Exchange. An intimate view of trading operations is obtainable from a public gallery overlooking the trading floor.

The Sydney Stock Exchange occupies the lower five floors of the 210-feet 18-storey, £A3,000,000 Royal Exchange Assurance building, located in the heart of the financial centre of the city, extending through a block from Bligh street to O’Connell street with entrances at both streets. At the time of construction, the building was the world’s highest multi-stroye lift-slab project. All furniture and fittings have been designed with an eye to present and future needs, and a new technique of inter-change-able units of desk and storage accommodation has been specially developed. The system of readily moveable partitioning is one of the most up-to-date in the world. Principal wall areas have been treated with specially-designed timber, and ceilings are lined with special acoustic absorbent tiles. Catpet was imparted from Holland and curtain hangings from the United States of America.

More than 1000 companies are today listed on the Sydney Stock Exchange, and the face value of ordinary shares on the official list stands at about £A881,000,000. The total market value of listed ordinary shares is £A2,751,000,000.

A research and statistical bureau for use by member brokers, the public, banks and institutions; a transfer marking service for brokers and institutions; a central system of clearing boxes for broker-to-broker settlements; a printing-house with new and fast machinery; a special acoustically-tuned radio broadcasting room; and a press

gallery with telephone conexions to the trading floor ensure that the Sydney Stock Exchange keeps pace with the national development. Silent . telephones with enunciator lighting system, individually acoustically-lined telephone booths for each member, a private automatic telephone exchange providing direct lines between brokers’ offices and their representatives on the trading floor and separate slat chalk boards having gaps for sound to pass through to absorbent fibreglass felt, are other features that bring the new Sydney Stock Exchange into line with the most modem in the world. With the exception of Australian Commonwealth bonds all securities are treated under a post system. Ten separate post boards covering 1200 of the 5000 square feet trading floor, in double-height and single-height sections, show the names of all listed companies on blackboards so contracted as to indicate the best buy and sell bids as they are made vocally. The post boards also show against the security, the price points of sales in the order made during the day.

Church President Dies.— Dr. George Herbert Wright, aged 79, a former president of the Congregational Union of Australia and New Zealand, and minister of Stow Memorial Church in Adelaide, has died in an Adelaide private hospital. Dr. Wright was president of the Congregational Church from 1955 to 1959. —(Adelaide, November 17.)