Sydney Market Is Still Retreating

Press, Volume CVI, Issue 31153, 1 September 1966, Page 18

Sydney Market Is Still Retreating

(N.Z. Press Association—Copyright)

SYDNEY, August 31.

The market continued to lose ground over the last week with the share price index falling 10.23 to 315.34 and the total average daily turn-over of 720,500 including an average daily turn-over of 227,000 mining was average, said the Sydney Stock Exchange weekly market report.

Some of the major price movements among the leading stocks were:—Bank of N.S.W. fell 16c to 492; C.B.C. Sydney fell 20c to 195: David Jones fell 8c to 128; Television Corporation Ltd. fell 10c to 270; C.S.R. fell 27c to 266; Tooth fell 16c to 506; A.C.I. fell 10c to 544; B.H.P. fell 26c to 606; Repco fell 19c to 200; C.R.A. fell 12c to 524; Mt. Isa fell 11c to 417; New Broken Hill fell 25c to 425; Western Mining fell 38c to 526. Directors of Broken Hill Proprietary and Colonial Sugar Refining report that further discussions have taken place on the development of the Mt. Newman project. At these discussions Cleveland Cliffs and C.S.R., with the good will of the other three companies (Annex, B.H.P. and C.S.R.) decided to withdraw from the proposed consortium.

Cleveland Cliffs will continue its processing research on Robe River ore. Amax, B.H.P. and C.S.R. are continuing their discussion with the Western Australian State Government and with the Japanese steel industry on the development of the Mt Newman deposits for export of iron ore to Japan under the original Mt. Newman contracts, and for supply of iron ore to B.H.P.’s Australian steelworks. The receiver of Chevron (Sydney) Ltd., Mr B. H. Smith, announced that contracts have been exchanged for the hotel on August 26, for 3.6 m dollars with Whitehouse properties Pty., wholly owned by C. M. Whitehouse, and his family, of Brisbane. Undersea Well Filmed (N.Z. Press Assn.—Copyright) MELBOURNE. Aug. 31. Motion pictures have been taken of the Marlin B-l well head, 200 ft under the surface of Bass Strait, off the Gippsland coast, where natural gas and drilling mud have been surging up from the 10,000 ft well below the sea bed. Esso and BHP, partners in the well, said today that there had been no change in the rate at which gas was escaping. The floating drilling rig Glomar 111 has been moored alongside the well (formerly called EGSS) for the last 24 hours. Courtaids Aust. Cuts Div. Rate (N.Z. Press Assn. —Copyright' MELBOURNE, Aug. 30. Courtaulds (Aust), Ltd., rayon yarn maker, has cut dividend to an annual rate of 4 per cent after a setback in profit for the parent company in the first six months of the current year. The 2 per cent interim dividend declared yesterday compares with the 6| per cent payout in 1964-65—the last full year of operation.

Na Dividends.—Rotodti Timber Company will not pay an ordinary dividend for the year just ended. directors announced today. Ordinary dividend for the last three years has been 8 per cent. Preference d'vidend will be paid as usual.—(P.A.)