Commercial news in brief

Press, Volume CXIV, Issue 33700, 25 November 1974, Page 20

Commercial news in brief

Gold still falling i Despite good two-way I business gold slipped $2.25 ‘to be fixed at $182.50 on the London bullion market yesterday. The price of the yellow metal is now $B.O below the all time record set last Monday, and dealers said that it seemed as though the price was now consolidating and testing the base line to see where buying support could be found. Investors were cashing in on their profits at higher levels, they said. lust. Feri, sales fall Australian Fertilizers, Ltd, the 54.8 per cent-owned subisidiary of ICI Australia, Ltd, j increased its group net profit by only 7.6 per cent in its latest year, compared with a 98 per cent improvement last year. Earnings in the year to September 30 rose to a record $2.9m. Despite the small profit rise, the annual dividend has been raised from 9 per cent to 11.5 per cent. The directors say fertiliser sales fell 3 per cent compared with 1972-73.

Green light for Agnew

The Western Australian Government has given the green light to the s2oom Agnew nickel project. The Agnew nickel deposit, about 400 km from Kalgoorlie, has indicated ore reserves of 40million tonnes averaging 2 per cent nickel using a cutoff grade of one • per cent nickel. The joint ventures are Western Seicast (Pty), Ltd, (60 per cent) and the M.I.M. Holdings operating subsidiary, Mount Isa Mines, Ltd (40 per cent). Seicast Exploration, Ltd, in which the Australian public has a 16.8 per cent equity, has a 20 per cent interest in Western Seicast. The balance, is held by the Selection Trust.

Redundancies certain Thousands of well-trained; Australian insurance officials would lose their jobs as a result of the Government’s planned entry into insurance, said the chairman of Edward Lumley, Ltd (Sir Robert Crichton Brown). The implementation of the Woodhouse Report, planned for July, 1976, would result in the private insurance industry ceasing to write workers’ compensation and third-party motor insurance. This business accounts for about 40 per cent of the income of insurance companies. Retailer issues

Waltons, Ltd, has announced plans to seek slom through a 14 per cent debenture issue, for funds to finance the group’s increased working capital requirements.. An amount of s6m of the issue will be underwritten, and will pay 14 per cent interest on two, four and six-year terms. David Jones, Ltd has offered its shareholders interest bearing deposits of 11 per cent for three months, 11.5 per cent for six months, 11.7 per cent for nine months and 1.5 per cent for 12 months and two years. D. Jones 9 insurance David Jones, Ltd, has broadened its insurance activities with a tie-up with the Occidental Group of Calfornia with a recently formed subsidiary, David Jones Insurance as agents for Occidental Life Insurance Company of Australia, Ltd. David Jones also hopes to improve the range of services in the general insurance field through its association with the Mercantile Company, Ltd, with which it offers an over-the-counter service in its city and suburban stores.

QM 2:5 par issue Queensland Mines, Ltd, is to make an issue of 3,294,700 50c shares at par in the ratio of two to five. Kathleen Investments, which holds 50 per cent of Queensland Mines, will take up its full entitlement; the issue is fully underwritten by Patrick Partners. The funds will be used for maintenance of the uranium tenements, and for administration.