Economic Outlook
p. 152 · Read in the full issue
THE end of the first quarter of has brought little overall chang the index of “ordinaries” (one of yardsticks of the market) —early Jan index was 304.37, it rose mid-Februar 324.37, but by March 30 levelled ou 307.2. In the period, oil reigned as and it was evident that the influenc feverish oil trading caused the peak, most company interim reports and turns still showed the effects of year’s economic restrictive measures.
Surat Basin area, in Queensland, v; strikes at Moonie 1 and 2 were made, holding the centre of the stage as M< 3 well began drilling in the first wee April, the next step in evaluating the field commercially. Incidentally, the of the oil game is underlined by the that the giant Shell Company were holders of the present Australian Oil Gas area where Moonie’s oil flowed; rejected it as unprospective.
As anticipated a number of new exploration concerns were floated March, taking advantage of the favou investing climate, and the tempo for search is being stepped up not onl Queensland but also in NSW and Other than oil, the topic attrai most national attention has been Common Market. Minister for Trade, J. McEwen, after disappointing talk USA, moved on to UK and Europe an early April, was trying to obtain safeguards for Australia’s trade if Br joins the Common Market.
A conference of Commonwealth I Ministers will take place probably in tober, before Britain throws in hei with the ECM nations —but commenti incline to the view that the decision be cut and dried by then and the purpose of the conference will be to vent the PMs from feeling that i views have been ignored.
Sydney Sales Prices
Mar. 6, ’62 Apr. S Bali Plantations . . 4/- Burns Phllp ... 100/- 9 Burns Philp (SS) . . 48/- 4 Choiseul Plntn, . . . bl72/6 18
C.S.R. Co
£58/10/- £5 Dylup Plantations . 6/8 Fiji Industries . . . 17/6 1 Hackshall’s ... 15/1 IV2 1 Kauri Timber ... 12/3 1 Kerema Rubber . . . 6/9 Koitaki Rubber . . . 14/6 1 Lolorua Rubber . . . 9/6 Makurapau Plntn. . b2/3 Mariboi Rubber . . . b8/- Norfolk Is. Whaling . 2/5 Pacific Is. Timbers . 4/- Palgrave 4/8 Plantation Holdings . 2/9 Queensland Insurance 125/- 11 Rubberlands ... 5/9 Sangara 2/6 Sogerl Rubber . . . 8/9 Sthn. Pac. Insurance 40/- 3 Steamships Trading . 39/6 W. R. Carpenter Hold. 34/3 3 Watkins Consolidated 6/- Timor Oil 4/3
Oil And Mining Shares
Dec. 4, '58 Mar. 6, ’62 Apr. S Emperor . . b9/- S7/11 Loloma . . b30/b51/- I Bulolo Q.D. b32/b70/6 b N.Q.G. Ltd. b2/3 bl/3 b Oil Search . b9/9 b3/4 b: Fnt. of N.Q. slid b7d si Pac. I. Mines — b88/b2 Papuan Apln. b4/6 b6/ll bi Placer Dev. b91/b2 * £5 shares now divided into 2/6 u