The Stock Market
p. 176 · Read in the full issue
During the month under review, the Sydney Stock Exchange index for ordinary shares moved up a few more points, to reach 233.54 on February 6.
This upswing, which was evident in the second week In January, had nothing to with the slightly improved outlook for wool, which rose by about 5 per cent, in late January-early February.
In the first week of February, also, came a brief statement of Australia’s
national profit-and-loss account fi last six months of 1958. This show clusively that if it had not been fo: some people are calling a “freak” of foreign investment capital, An and Australia’s Territories would be in for more drastic import-cuts.
In the last half of the year, Au had a trade deficit of £l3O mi caused principally by the low price have prevailed for wool. In the period, the rate of private capital from abroad jumped about £6O n to a rate of £lBO million per anmi is very gratifying; but financial € are wondering why, and asking figures can be believed.
Biggest industrial news of the was the announcement that a syr rubber plant will be built at Altona Melbourne. Victoria, in conjunction Standard-Vacuum’s refinery there, tralian consumption of synthetic • (all imported) was 16,000 tons in It was used mainly in motor tyre; 1962 it is expected that consumptio have risen to upwards of 25,000 tor year.
Production from the Altona pla not expected to affect the marke natural rubber, 34,000 tons of which consumed in Australia last year, synthetic and natural rubber have individual uses but, up to the pr natural rubber has had the edg synthetic when it came to price, not expected that the Altona plan' produce cheaper synthetic rubber; t contrary. But it will mean a savi: Australia of dollar currency.
Sydney Sales Prices
Jan. 9 Feb.
Burns Philp ... 61/6 64/ Burns Philp (SS) . . 48/- 48/
C.S.R
£42/17/6 £43 Dylup Plantations 16/- 17/ Hackshalls . . 48/9 48/ Kauri Timbers . . .
N.Q. 19/ Kerema Rubber . 10/6 10/ Koitaki 13/3 13/ Lolorua 6/9 7/ Mariboi 7/- 7/ Norfolk Is. Whaling 2/9 2/ Queensland Insurance 68/- 70/ Rubberlands . 5/11 6/ Sthn. Pac. Insurance 16/- 16/ Steamships Trading . 50/- 53/ W. R. Carpenter Hold. 17/- 16/ Timor Oil 6/3 6A
Oil And Mining Shares
Fiji
July 9. ’58 Jan. 9, ’59 Feb.
Emperor . b5/9 89/- NQ Loloma . . b30/b31/
Papua-New
Guinea
Bulolo . . . b35/b33/b34/ N.G.G. Ltd. bl/9y 2 b2/7 b2/l Oil Search b2/6 b8/2 b9/9 Ent. of N.G. b7d b6d b7d Papuan Apln b9d b4/6 b4/8 do. opt. . beVbd h2/3Vz 2/2 Placer Dev. b86/6 b91/6 b93/ Sandy Creek b4d b3d b6d