Economic Outlook
p. 156 · Read in the full issue
\ LMOST daily falls in all classe® shares on Sydney Stock Excha throughout the month continued nibble away at the record September ordinary index peak of 348.46. By es November, average prices were back the level of September. 1959—an ove drop of 15 per cent.
Institutional buyers were still holding! in the second week in November, wl the market was still gently sliding idv Institutions are essentially long-term! vestors, of course, and a temporary! in paper profits matters little to th Conversely, the harder the market f the better could be the buying opp tunities later on.
Meanwhile, Federal Cabinet is enga in its end-of-the-year survey of I national economy—and it cannot be I happy with what it sees. The Gova ment’s anti-inflationary programme, I into operation last February, has fai to achieve its object. Trading bank! vances have increased by £l4B millioa the past 12 months, leading to a dangea excess of imports over exports. Trade! the first four months of the current y showed deficit of £112.7 millions, cc pared with £4.2 million surplus last y( The Government now appears to] determined to take drastic action to cU the drift in Australia’s economy, evenj it involves unpopular direct measures. 1 first move probably will be to tighj Reserve Bank control of all money sour! including that for hire-purchase. Othi equally unpalatable to the general pub are expected to follow.
Sydney Sales Prices
Oct. 19, ’60
NovJ
Bali Plantations . . 16/- 15J Burns Philp ... 94/6 85/ Burns Philp (SS) . , 61/6 62/
C.S R
£83/12/6 £ 74/ Dylup Plantations 12/9 12/ Fiji Industries . . . 14/- 12/j Hackshall's ... 16/6 15/ Kauri Timber . . . 23/6 21/ Kerema Rubber . . . 9/6 8/ Koitaki 20/- 171 Lolorua 10/6 10/ Mariboi 10/3 9/1 Norfolk Is. Whaling . 5/10 5/ Pacific Is. Timbers . 7/- 6/ Plantation Holdings .
Ve/i Queensland Insurance 95/- 92 A Rubberlands ... 6/9 5/1 Sthn. Pac. Insurance 25/- 21/ Steamships Trading . 55/- 49/] W. R. Carpenter Hold. 31/6 25/j Timor Oil 3/9 4/<
Oil And Mining Share
Fiji
S >uly 9. ’58 Oct. 19. ’60
Novj
Fmperor . . b5/W b3/9 b4/- Loloma ... — b43/b43J
Papua-New
Guinea
Bulolo . . . b35/b44/b45/J N.G.G. Ltd. bl/9Mi 2/3 b2/4 I Oil Search . b2/6 b4/ll b6/2 1 Ent. of N.Q. b7d s4 1 /4id b2d 1 Pac. I. Mines — bllO/bl 12/6 Papuan Apln. b9d S2/10 b3/l 1 do. opt. . b6‘/ 2 d s5d b6d 1 Placer Dev. b86/6 bl00/b115/1 blVa fl Sandy Creek b4d s4d