ALUMINIUM PROJECT

Press, Volume XCIX, Issue 29368, 22 November 1960, Page 21

ALUMINIUM PROJECT

Industrialist's Views

Consolidated Zinc’s decision to establish an aluminium smelter in Southland would be an important step jn the development of the South Island. Mr C. G. Crane, chairman of the Australian Mutual Provident Society and a leading Australian industrialist, said in Christchurch yesterday. Mr Crane is managing director of G. E. Crane Holdings. Aus*-a-lian manufacturers and engineers, a director of the Colonial Sucai Refining Company. Ltd., and a director of other Australian industrial concerns.

Mr Crane is in New Zealand on his first official inspection of A.M.P. branches here and is travelling with the retiring general manager of the company (Mr M. C. Buttfieldk

“New Zealand’s development of aluminium production is based on exoorts of the metal.” he said. The smelter will use bauxite from the Weipa denosits in Queensland, but Mr Crane said there were no hard feelings by Queensland because thq works v- ? v e not established in that State. “It is recognised that the cheapest power for this sort of thing is water nower and Aus tralia does not have enough for its own needs.”

Mr Crane said it was traditional for bauxite to be imoorted but the power cost was the biggest single factor in producing aluminium. Establishment of the smelter in Southland would lead to the setting up of factories associated with it.

Fabricating plants would be able to nroduce everyt v; ng from nots and pans to aluminium roofing.

“It is a ranidlv develooin? market and new u«es being constantly found.” he added.

N.Z. SHARE PRICES

3 Per Cent. Fall Last Week

Prices of New Zealand ordinary shares fell 3.2 per cent. last week, but are still 3.9 per cent, above their level 12 months ago. according to the Reserve Bank's index.

The bank has decided to issue each week for publication its New Zealand share price index, which previously has been released fortnightly in the bank’s “New Zealand News Review.” The index is calculated from quoted prices of sales made on Thursday of each week. Tire base date for the index is January 14. 1958.

Over the last three years the lowest reading in the series is 926. reached in December. 1958. and the peak is 1364. reached on September 8 of this year. The index shows that in the month ended November 17 prices fell 7.5 per cent.—the sharpest fall since the series began. Figures in this series since the beginning of 1960 are as follows: January 28 .. .. 1242 February 25 .. .. 1219 March 31 .. ..1192 April 28 .. .. 1220 May 26 .. .. 1285 June 30 .. .. 1320 July 28 .. .. 1309 August 25 .. .. 1358 September 29 .. .. 1352 October 27 .. .. 1325 November 3 .. ..1312 November 10 .. .. 1283 November 17 .. .. 1242

SALES TAX, DUTY ON NEW CARS

“Statement Not An Offence”

Motor dealers who show on the sale price of a new car the separate amounts of sales tax and duty included in the priep do not commit an offence.

This information is contained in a letter from the Minister of Customs (Mr Boord) received by the executive committee of the South Island Motor Union. ,

The move had been suggested by Mr T E. V. Turpin to bring home to the public the heavy taxes paid when cars were purchased. The meeting considered -that the publicity would prove effective though there was a suggestion that some motor dealers would not want the public to know the amount of profit made. Mr Turpin said this would not be a problem as the purchasers would be more interested in the heavy taxes.

Mutual Fund Quotes. — The issue price for shares in United Investors Mutual Fund was reduced Id yesterday to 5s 2d. The redemption price is steady at 4s lOd.