Commercial news in brief

Press, Volume CXII, Issue 33096, 11 December 1972, Page 23

Commercial news in brief

Resolution altered

Roebourne Exploration and Mining, Ltd, is to change its proposed resolution on share allotment, the directors said after advice from the stock exchange that the company’s proposed amendment did not meet with stock exchange regulations. Directors were to be granted the right to allot up to one million ordinary shares during the coming year, if such a resolution was transacted.

Nothing known

Bundaberg Sugar Company, Ltd, said in reply to a stock exchange inquiry that it cannot propose any reason for the present higher price of the company’s shares. The directors noted the company has previously reported on its record production from its mills for 1972. They said crushing is completed at the Fairymead Mill and almost completed at the other two mills, Bingera and Gin Gin. There is no announcement pending from the directors, they added.

B.H.P. drilling

The Broken Hill Proprietary Company, Ltd, has advised that the Hematite Petroleum Proprietary, Ltd, Snail No. 1 well has reached a depth of 4051 feet and is being logged prior to abandonment as a dry hole. The well was drilled in Victorian waters in the Otway Basin area. Hematite’s Mardie West Q Well, 62 miles north-east of Onslow, Western Australia, was spudded on December 5, and is drilling ahead at 100 feet. This is the fourth shallow stratigraphic well in the Onslow area under a farm-out agreement with Wapet.

Offer frozen Australia’s new Labour Prime Minister, Gough Whit-! lam, has signed an interim! order preventing the British manufacturer Pegler Hatters-• ley, Ltd (U.K.), taking over an Australian valve making firm a Government spokesman said. The spokesman said the interim order, made under the Foreign Take-overs Act,; would "freeze” the British bid for three months. The Australian company involved, M. B. John and Hattersley, Ltd, is described as the biggest valve manufacturing firm in the Southern Hemisphere. P and 0 changes

The P and O shipping group has announced changes in senior staff positions, among them a new chief executive of its general holdings division, who is responsible for the supervision of Australian and New Zealand companies within the group. The new chief executive is Mr C. J. Nancarrow, formerly director of planning. His duties also include responsibility for a number of major trade investments and certain diversification projects. The changes are the first in a number expected after the upheaval caused in the group by the bid for Bovis, a large building company. The bid was rejected by P and O shareholders last month, and led to the resignation of seven directors. Utah U.S. profit Utah Development Company, the U.S. coal and iron ore miner in which Utah Mining Australia, Ltd, had a 10 per cent equity, lifted its net profit 88 per cent to a new peak of $15,046,547 in the year to October 31. All of the s7m profit increase came from Utah’s sharply expanded coalmining operations in the Bowen Basin of Queensland. Its one-third share in the Mount Goldsworthy iron ore operation in the Pilbara yielded lower earnings. Iron ore shipments for the year were reduced by cutbacks in the rate of deliveries to Japan, while revaluation reduced export income in Australian dollars.

Chrysler ownership

The British Government has approved a bid by Chrysler, the American car producer, to take 100 per cent ownership of its British subsidiary, the Associated Press reports. Chrysler now owns 88.4 per cent of Chrysler United Kingdom, the British subsidiary formerly known as the Rootes Group that produces Hillman, Sunbeam and Humber cars. The American firm is expected to pay £6.lm (about sl2m) to acquire the remaining shares. Of this total, some film ($2.14m) is to go to the Rootes family. Transfer completed

The general manager of Castrol N.Z., Ltd (Mr B. T. Verry) said yesterday that formalities concerning the transfer of Castrol’s operations in New Zealand to a New Zealand registered com'pany have now been comipleted. Previously Castrol operated as a branch of Castrol Limited, United Kingdom. No change of 'ownership has taken place.

i Aust, revaluation The Reserve Bank of Australia has raised its charges 11 for forward cover on United States dollars from 2J per cent to 4 per cent per annum, i The new charge, which compares with the I per cent ■ level imposed last July, reflects the strength of feelings .(that the Australian dollar will be revalued. The move is J likely to increase pressure on , the new Labour Government to make an early decision on ’ whether or not to revalue ( upwards and follows a mas- ( sive increase in the amount of foreign currencies that the 1 bank is covering forward.