B.H.P. seeks 6.9 p.c. rise

Press, Volume CXIV, Issue 33434, 16 January 1974, Page 16

B.H.P. seeks 6.9 p.c. rise

■ ) (N.Z. Press Assn.— Copyright) I MELBOURNE, January 14 The Broken Hill Pty Com-) pany, Ltd, has applied to the! [Australian Prices Justifica-) tion Tribunal for a 6.9 per' I cent weighted-average price; increase for steel. This is its) third application within a year.

The Registrar of the tribunal (Mr N. 3rown) said today that it had not yet considered the application. Steel prices were raised ) by 3 per cent in March 1973, and a further 5.5 per cent in November.

The second increase was recommended by the tribunal after a public inquiry. B.H.P. had sought a 9.42 per cent average price rise.

The directors accepted the tribunal’s recommendation, but they said that they were concerned that the recommended rise was substantially below the company’s application. Early this month the company reported a new wage agreement with steel-work-ers which adds s2Bm to the annual wage-bill immediately and s3Bm by .text December. Silver price record The price of silver reached |a new peak on the London' I Metal Exchange on Tuesday, I while other metal prices also I rose. Silver was quoted at a [record 158.75 pence an ounce for three months metal. Brokers noted that the metal had been notching up records for some weeks, reflecting currency uncertainties and the price of Igold.