Norwest Outbids L. J. Hooker

Press, Volume CVI, Issue 31320, 16 March 1967, Page 26

Norwest Outbids L. J. Hooker

(N.Z. Press Association—Copyright) PERTH, March 15. The Norwest Development Corporation will become the owner of the Wyndham meatworks next Monday, after outbidding the L. J. Hooker Investment Corporation’s associate, the Northern Meat Exporters, Proprietary, Ltd.

The West Australian State Cabinet has approved the sale and the conditions of a draft agreement between the company and the Government Norwest Development runs the Broome meatworks, and was sold to Project Development by its founder (Mr E. S. Clementson). Northern Meat Exporters runs the Katherine meatworks and is to be given the opportunity to take up an interest in the Wyndham works under the draft considered by the Cabinet.

INDICES New York.— Dow Jones: Kalis Indust. Sold 1966 Feb. 9 264.82 995.15* 7,240,000 Dec. 28 205.76 788.58 7,160,000 1967 Mar. 10 234.18 848.50 14,900,00.0

The draft provides for a sale price of 1,650,000 dollars to be paid to the Government over seven years. The Premier (Mr Brand) said yesterday that sale formalities were expected to be completed within a week. The company must spend at least 600,000 dollars on improvements over the next two years, including 150,000 dollars this year. Eighteen months’ notice must be given by the company to the Government if it intends to close the works. Trade unions in Western Australia have agreed not to encourage their members to work for the Norwest Development Corporation at the Wyndham meatworks. The Western Australian

METALS (N.Z.P.A .-Reuter—Copyright) LONDON, March 14.

Trades and Labour Council decided this last nightThe council said that unions should take this attitude until the Government found comparable employment for all permanent employees who would not be given working conditions at least equal to those they had now at the meatworks.

Mar. 13 232.29 ' 844.82 9.910,000 Mar. 14 231.99 844.27 10,260,000 London —Financial Times. 1964 Indust. Govt. Gold Oct. 1 .. 377.8* 82.15 56.4 1966 Dec. 28 .. 309.5 78.04 53.7 1967 Mar. 10 .. 318.8 81.06 49.3 Mar. 13 .. 321.2 81.02 49.0 Mar. 14 .. 323.6 80.82 48.9 Sydney. —Sydney stock Exchange (July, 1931 equals 100): June. 1939. 1964 Retail. Ord. Indust Feb. 27 477 60 392 21* 395.45 1966 Dec. 28 . 334.98 287.31 372.95 1967 Mar. 13 . 324.80 283.00 364.62 Mar. 14 . 321.27 282.03 362.60 Mar. 15 . 318.14 •Peak 281.37 362.19

Spot Buyers Sellers a £ ton £ ton s d s d Copper . . 387 10 0 388 0 0 Tin . 1198 10 0 1199 10 0 Lead . 82 17 8 83 0 0 Zinc . 102 0 0 102 5 0