Economic Outlook
p. 158 · Read in the full issue
THE June 30 accounting for the Federal Government showed it ended 1960-61 year with a surplus of £15.8 million— a state of affairs that confounded its critics. Higher tax collections, £8.7 million from individuals and £14.9 from companies in excess of the estimates, saved the day.
The overseas trade deficit, however, was £156.6 million, the most unfavourable since 1951-52. June itself, though, hit the highest ever recorded for exports; and the lowest for imports since April last year.
Main topic of interest now is whether Britain, will join the European Common Market (with France, Holland, Italy, West Germany, Belgium, and Luxembourg) and just what effect this might have on the primary product exports of Australia (and New Zealand). * * * Sydney Stock Exchange “ordinaries” index of 309.23 on July 7 ran a few points below the index of a month ago.
Generally, it has been a quiet month.
Islands investors have been interested in two developments—(a) the decline in CSR £2O shares from £92 in mid-June to £74 on July 4 (with a slight recovery later), after the publication of its first consolidated accounts, wherein some had expected treasure-trove to be revealed; and (b) an oil strike (estimated “at 110 barrels a day”) by an Australian com pany, Timor Oil Ltd., at Matai, Portuguese Timor: the big question now is whether the oil is there in commercial quantities.
Sydney Sales Prices
June 6, ’61 July 7, ’61 Bali Plantations . . 10/9 9/- Burns Philp . . . 90/3 90/- Burns Philp (SS) . . 52/6 50/- Choiseul Plntn. . . . 180/- 142/6
C.S.R
£87/10/- £77/10/- Dylup Plantations 7/6 7/6 Fiji Industries . . . 14/- 14/- Hackshall’s . . . . 13/8 12/9 Kauri Timber . . . 16/9 15/- Kerema Rubber . . . 6/9 6/9 Koitaki Rubber . . . 19/- 17/- Lolorua 8/- 8/3 Makurapau Plntn. 3/9 3/3 Mariboi Rubber . . . 7/6 7/9 Norfolk Is. Whaling . 4/10 4/3 Pacific Is. Timbers . 6/1 5/3 Palgrave ... 3/6 3/8 Palgrave, ex-L’mark. — 3/6 Plantation Holdings . 3/8 4/- Queensland Insurance 92/- 92/- Rubberlands . . . . 6/- 6/- Sangara 4/- 3/- Sthn. Pac. Insurance 25/- 25/- Steamships Trading . 44/- 42/- W. R Carpenter Hold. 32/- 33/3 Watkins Consolidated 6/3 6/- Ditto Notes ... 5/- 4/11 Timor Oil 6/- 10/-
Oil And Mining Shares
Fiji
July 9, ’58 June 6, ’61 July 7, '61 Emperor . . b5/0 b3/6 b2/6 Loloma . . — b40/s42/6
Papua-New Guinea
Bulolo . . . b35/s60/b50/- N.G.G. Ltd. bl/fiVa bl/10 bl/9 Oil Search . b2/6 b2/b2/6 Orlomo Oil . — blV 2 d bid Ent. of N.G. b7d b2d sSVad Pac. I. Mines — b87/6 b94/- Papuan Apin. b9d b3/10 b2/ll do. opt. . bOVad b6d bVad Placer Dev. b86/6 bl72/6 bl60/- Sandy Creek b4d b3d b3d