Economic Outlook
p. 168 · Read in the full issue
Probably the most interesting angle on Australian finance at the present moment is the number of take-over bids already accomplished or in course of accomplish ment by big corporations bent on absorb ing rival or ancillary industries Tactics adopted by them towards their victims range from amicable mergers of obvious mutual benefit, to what comes close to intimidation and stand-over tactics.
In all cases the shareholders in these take-overs stand to gain financially, but in the long-term view, the prospect of the octopus of Big Business swallowing and stifling all independent rivals, is not a pleasant one. It is just to mitigate against such circumstances that the United States has its Anti-Trust laws. Australia, un fortunately. has not; or if it has, they i e * b 3 un l d somewhere, and are never dusted off and used.
Australia’s trusts, cartels and monopolies now range all the way from newspapers portatiorf TV t 0 r6tail trading and trans- Mean while, while we are having the take-over splurge in years, the stockmarket rises to higher and higher It •’ * At t nd of the first week in August the index for all ords. was 280.33, about thpf ol^^ ll6l than a month ago when that peak was considered something of a record.
Are stock-prices like brick-bats in that what goes up must come down? That at present, is the gold-plated. 64-do’llar question.
Sydney Sales Prices
Burns Philp . . .
July 8 Aug. 5 92/- 91/6 Burns Philp (SS) . . 55/- 59/-
C.S.R
Dylup Plantations £59/2/6 25/- £64/7/6 25/- Hackshalls . . 52 '6 55/- Kauri Timber . . . 20/- 21/6 Kerema Rubber Koitakl . . .
Lolorua . , .
Mariboi ...
Norfolk Is. Whaling 8/6 21/7% 8/4 7/9 4/1 8/1 19/6 10/- 7/3 4/3 Queensland Insurance 76 78/- 6/6 19/- 64/6 20/9 Rubberlands ... a /r Sthn. Pac. Insurance 0. 0 18 - Steamships Trading . 58/9 W. R. Carpenter Hold. 20/- Timor Oil 9/7 8/9
Oil And Mining Shares
Fiji
July 9. ’58 July 8 Aug. 5 Emperor . b5/9 b7/9 s8/- Loloma . . — b33/b39/-
Papua-New Guine:
Bulolo . . . b35/- b31/-
N.G.Q. Ltd. bl/0% b2/4 Oil Search b2/6 b6/5 Ent. of N.O. b7d b3>',d Papuan Apin b9d b3/9 do. opt. . b6>/2d bl/io Placer Dev. b86/6 blOO - Sandy Creek b4d b3d