Irregular Sharemarket In Melbourne
(N.Z.P.A.-Reuter—Copyright)
MELBOURNE, May 12. Irregular markets ruled for shares on the stock exchange of Melbourne this week. Features were the lower turnover in all sections and weaker prices for many issues, the stock exchange reported. Announcement of the. con-
tinuation of the credit r squeeze dominated most s moves, but there was some :. favourable reaction towards r the cl se of business when 1 the G vermnent reversed its r plan u> tax interest on bor--8 rowings by debenture and unsecured notes. The hire- - purchase group welcomed
the move. Of chief x interest in company news was the formation of a new £1 million exploration company by B.H.P. Other announcements were of the acquisition of four proprietary companies by Dunlop Rubber, the higher profit by Permewan Wright following peak sales, and the record profit of Nestles. Ready Mixed Concrete announced a 1 for 7 par issue, and Bums Philp reported a drop of 15 per cent, in earnings.
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Press, Volume C, Issue 29513, 13 May 1961, Page 16
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162Irregular Sharemarket In Melbourne Press, Volume C, Issue 29513, 13 May 1961, Page 16
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