Capel Court reversal
(N.Z. Press Association) SYDNEY, Feb. 7. One of Australia’s largest money market operators, Capel Court Corporation, Ltd, is a casualty of the high interest rate policy of the Federal Government. The company had a' $121,270 unaudited net lossj in the six months to Decern-1 ber 31. compared with record earnings of $2,133,597 in the same period of 1973. Gross income dropped 30.3 per cent. The directors have: announced a steady interim dividend of 4 per cent, requiring $223,641, which might indicate that they expect a return to more favourable trading conditions. A conservative dividend policy was pursued during the period of high earnings
and substantial reserves are held. In 1973 unappropriated reserves jumped from $524,328 to $1,527,568. Not many of the money market operators were expecting the Government to push the long-term bond rate up to a record 81 per :cent in September. J Most thought it had peaked earlier in the year at !71 per cent.
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Bibliographic details
Press, Volume CXIV, Issue 33454, 8 February 1974, Page 12
Word Count
160Capel Court reversal Press, Volume CXIV, Issue 33454, 8 February 1974, Page 12
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