Economic Outlook
p. 160 · Read in the full issue
A SEE-SAWING index of “Ordinaries’ under and over the 300 marl indicates the character of trading o Sydney Stock Exchange over the past foi weeks.
An oil strike at Cabawin No. 1 wel Tara, Queensland, sparked off a mine boom in oil shares at the beginning ( May. That is, until the Minister f< National Development, Senator W. 1 Spooner, visited the site and warned tha although 65 barrels were being produce daily, “it did not appear to be commercial proposition”. That fact wi later supported by the company.
Even Papuan Apinaipi company, P-NG, felt the wave of buying—apparent because it has an interest in a concei with a prospecting area adjacent Cabawin.
Other factors causing shares to ri have been the recovery in wool pric (though they came too late in the seas( to have any significant effect on tl national economy), and the Feder Government’s surprise decision to aband< its plan to tax interest on borrow* funds. This latter measure was aim* at curbing the borrowing of hire-purcha and land development companies but, practice, it had restricted expansion public companies generally.
Sydney Sales Prices
Apr. 12, ’61 May 10, '( Ball Plantations . . 10/6 11/- Burns Philp ... 93/3 86/6 Burns Philp (SS) . . 52/- 52/- Choiseul — 110/-
C.S R £80/10/-
£76/10/- Dylup Plantations . 8/3 7/6 Fiji Industries . . . 12/6 13/- Hackshall’s ... 13/6 14/6 Kauri Timber ... 16/3 16/- Kerema Rubber . . . 6/9 6/9 Koltaki 15/6 15/6 Lolorua 8/9 7/- Makurapau ... 4/1 3/9 Mariboi 7/6 8/- Norfolk Is. Whaling . 4/6 4/6 Ditto Notes (5/-) .. 5/6 4/6 Pacific Is. Timbers . 6/- 5/9 Plantation Holdings . 3/9 4/- Queensland Insurance 83/6 85/6 Rubberlands ... 6/3 6/3 Sangara — 3/- Sthn. Pac. Insurance 24/- 25/- Steamships Trading . 47/6 42/- W. R. Carpenter Hold. 31/3 31/9 Watkins Consolidated 5/- 4/6 Timor Oil 4/- 4/2
Oil And Mining Shares
Fiji
July 9, ’58 Ar>r. 12, May 1 Emperor . . b5/9 b3/5 b2/2 Loloma . . — S42/9 538/-
Papua-New
Guinea
Bulolo . . . 535/- 555/b55/- N.G.G. Ltd. bl/BVSi bl/9 bl/9 Oil Search . 52/6 b2/2 b2/l Oriomo Oil . — — bid Ent. of N.G. l>7d s2 Va d s2d Pac. I. Mines — bll5/bl07/6 Papuan Apin. bOd b2/10 b3/6 do. opt. . 56Vfed b3d hlVzd Placer Dev. b86/6 bl61/bl70/- Sandy Creek b4d b4d b3d