News In Brief

Press, Volume CIX, Issue 32220, 12 February 1970, Page 16

News In Brief

P. Moms Growth I Philip Morris (Australia), Ltd. has continued its rapid j growth in the December halfI year—although the gain is not] | as large as the improvement reported a year ago. Net pro-' Iflt was 52.306.186 for the six months to December 31— $351,809 higher than the pre‘vious corresponding figure. Ayear's profit at this rate would i be 84.6 m or 90 per cent on ■paid capital of $5.1 m. The j interim dividend has been 1 i increased to 7$ per cent, in; j line with last yeaFs higher i annual rate of 15 per cent. Move Welcomed The Victorian Government’s proposed legislation covering share rigging and other unscrupulous stock mar-i ket activity has been welcomed by the chairman of the Associated Australian Stock Exchanges (Sir Cecil Looker), “We have go.ie a long way from when the Stock Exchange was saying ‘to hell with Government control.’” he said. Under existing law.l the Stock Exchange could l expel a member for market l

manipulation, but the exchange felt it ought to be able to go farther than this.— (P.A.). Iron Shipment The Mount Newman mining consortium, which currently holds contracts for the supply of more than 270 in tons of iron ore from its Mount Whaleback reserves in Western Australia, now expects to complete the shipment of about 6.3 m tohs in its first: year of operations. The ftvemillionth ton of ore mined from Mount Whaleback left Port Hedland on Friday night. -(P.A.). Wool Curtailed Wilcox Mofflin, Ltd. the Australian wool, bide and skin' dealer, raised its consolidated nei profit before tax slightly; to $282,042 in the half-year to December 31. Profit was $155,100 after providing for income tax. Turnover fell by 6 per cent as the companycurtailed its wool operations in the face of falling prices (P.A.).