Little Reaction To Federal Budget

Press, Volume CVI, Issue 31144, 22 August 1966, Page 17

Little Reaction To Federal Budget

(N.Z. Press Assn.—Copyright) MELBOURNE, Aug. 19.

The Federal Budget announced on Tuesday, had little effect on activity on Australian stock exchanges this week, according to the weekly Melbourne market report. Sydney all-ordinaries index dropped 3fc points and Melbourne leaders more than half a point in the week to Thursday, but most days there was little movement. Daily moves were; Sydney: 328.47, 327,49, 327.46, 327.03, 326.62. Melbourne: 111.19, 110.08, 110.65, 110.47, 110.35. Practically all sections of the Sydney index declined, the most notable falls being in building and chemical industries.

The Budget announced Government spending of 5930 m dollars, an increase of 10 per cent, defence spending of 1000 m dollars, an increase of 34 per cent, new grants of 8m dollars to N.S.W. and 2.75 m dollars to Queensland for drought aid, a new bounty of 80 dollars a ton on nitrogenous fertilisers, and no change in taxation rates and new averaging provisions to help drought-affected primary producers. B.H.P. announced a rise of 3| per cent in steel prices. Esanda announced a 12 per cent increased profit, Vic-

torian Broadcasting Network announced a 33 per cent rise in profit to 293,869 dollars. Bradford Cotton Mills increased profit to 1,235,570 dollars. Vulcan Industries increased profit by 36 per cent to 363,283 dollars. Mauri Bros, and Thompson earned 1,864,178 dollars profit, Holland (John) (Holdings) 62 per cent more at 486,641 dollars and Leighton Contractors 41 per cent more at 220,151 dollars. Millaquin Sugar Company profit fell 204,779 dollars to 520,695 dollars, while Pye Industries profit fell 41 per cent to 384,544 dollars. Some of the main share moves for the week included Broken Hill South up 15 to 270, C.R.A. up 16 to 554, North Broken Hill up 18 to 383, Morris (Philip) up 10 to 750, Mt. Isa down 12 to 437, Barrett Bros, and Burston down 10 to 280, Minster down 10 to 290 and 1.C.1.A.N.Z. down 23 to 365.

Business Personal

Mr H. J. Russell, managing director of J. -J. Niven and Company, will retire on August 31. He will be succeeded by Mr J. T. Price, the present sales director. Mr Russell will remain a director of the company and. will also advise the company’s management.