SYDNEY STOCKS

Press, Volume CI, Issue 29902, 16 August 1962, Page 19

SYDNEY STOCKS

Further Falls (NZ. Preu Azsn.—Ccpyriph!) SYDNEY. August 15 The market has fallen steadily on the Sydney Stock Exchange this week after the Federal Budget. The Sydney share price index had fallen 5.54 points to 290.42 by Tuesday in five successive falls since the Budget. Before this the index rose 5.58 points in four days In unusually active preBudget trading. A.C.I. and B.H.P have fallen about Is 6d in line with each other. C.S.R. shares and rights have also faded over the week. Anthony Hordern, however, rose 3s to 25s 6d in three days. Directors of I-atec have announced that they expect a further substantia! loss in the year to Jun." 30. 1962 As recently as May directors had .idopted an optimistic attitude in discussing the company’s trading. Overdrafts “Stable” Trading bank advances and discounts fell £5 million to £ 189.9 m in July, but allowing for “normal seasonal influences they were virtually stable.” says the research directorate of the New Zealand Bankers’ Association.

The seasonally corrected figure is £l9B 9m. which compares with £ 198.9 m at the end of June this year, and with £ 224.6 m at the end of July last year. Unexerciscd overdraft authorities rose £2.2m to £ 133.7 m during July, so that total credit limits fell £3m during the month. The trading banks’ ratios are now 32 per cent, of demand liabilities and 10 per cent, of time liabilities. A change of 1 per cent, in the demand liability reserve ratio will mean a £2 8m change in statutory deposits, according to the directorate.

A. J. White.— Recommended annual dividend is 6J per cent., payable on September 18.