Australian Markets Mainly Steady

Press, Volume CVI, Issue 31323, 20 March 1967, Page 17

Australian Markets Mainly Steady

Share prices were steady on the stock exchanges for the week; industrial turn-over in Melbourne was steady at 3.1 m dollars and mining turn-over was 14 per cent lower at Im dollars, according to the weekly market report of the Melbourne Stock Exchange.

The Sydney all ordinaries index dropped two points; Melbourne leaders eased fractionally in the week to Thursday. Daily moves were:— Sydney: 322.99, 322.96, 321.27, 320.66, 321.35. Melbourne: 110.20, holiday, 109.69, 109.64, 110.01. Sections of the Sydney index moved variably. Base metals showed a notable decline. On Tuesday Conzinc Riotinto Australia announced that profit for the year to December was 6 per cent lower at 12.16 m dollars, returning 30.6 per cent on capital after the bonus issue during the year.

Dividend was held at 16 per cent tax free. New Broken Hill Consolidated, Ltd. (in which C.R.A. holds a 32 per cent interest) reported a profit 8 per cent lower at £2.97m.

In April, the G.R.A. group will issue a prospectus for Hamersley Holdings, Ltd., whereby 10m 50c shares in the iron ore venture will be offered to the public at a price of 2 dollars each.

No dividends are proposed before 1970, when expected earnings will be 22m dollars on the new capital of 50m dollars, which will be held 54 per cent by C.R.A. and 36 per cent by Kaiser Steel Corp, of the U.S.A. Shareholders in C.R.A. will have priority for application on the basis of one for five, with no renounceable rights. Aberfoyle Holdings, Ltd., tin producers, announced a group profit for the six months to December 40 per cent lower at 226,721 dollars; other half-yearly profits reported included Humes, Ltd., up to 60 per cent at 1.15 m dollars; Electronic up 32 per cent at 1.4 m dollars (prior to tax): Freighters Ltd., down 36 per cent at 176,000 dollars; and Mayne Nickless reported a slightly lower volume of business, with a moderate increase in profit. In a supplementary report to February, B.H.P. reported that capacity levels of production had been attained in

most main plants, with a recovery in local demand. Exploratory drilling is continuing in the Marlin oil and gas field offshore from Gippsland. Production licences from the State Government have been negotiated, and arrangements with the gas and fuel corporation for the sale of natural gas are in an advanced stage. Price movements for the week included:—

B.H.P. up 6c to 638; Golden Poultry up 5 to 125; Cons. Gold down 5 to 383: C.R.A. up 4 to 524; New Broken Hill down 3 tn 425; Western Mining up 12 to 698, and Mt Lyell down 7c to 130.