The Sydney Morning Herald from Sydney, New South Wales, Australia • Page 31

Tl Ur.n I-mM Mn lrW7 2S 'I i AUSTRALIA UNLIMITED Kl( I'ARIM KS 1 imiii, ivoNir lent HI Mt.) I.l.g. mm, m.4 Cblll lOlUMI BRANCH OMICIti 39 S(t. Inthmic. QM tl 31 9111 71 A.tnut, 41 HH, Ml Slit. MlbftU'iia.

Vif.Ttli tO IKI It l.na.l, III Wollongong ll 3 "i', IAN TOTTER CO Mrmhert of The Stock Exchange nf Melbourne Limited. Ml I.KOI KNK: 325 Collini Street, 62 0421; ADK.LAIDE: 33 King William Street, 51 K8.U; HKISHANE: IM-in Qureo Street, 21 3500; CANBERRA: Alinga Street, anherra City. 49 S277; PERTH: 611 St. George'l Terrare, 21 6743; SYDNEY: 15 Bent Street, 221 2X H. Telegrams and Cablet: "Seahorse," A II Stales.

1 ()X 11 2 "fWW1 ''Wq 3 A. mm, ft. ORD MINNETT T. J. THOMPSON PARTNERS Members Sydney Stock Exchange Limited Level 33) Australia Square, Sydney, 2000 Telephone: 2 0532.

Telex: 2 0539. Cablet and Telegrams: "Orderly Offices at Melbourne, London law xvjk. illlllS If r. doubt WILLIAM TILLEY, HUDSON, EVANS CO. INCORPORATING TOMKIN A PLASTO Members of The Sydney Stock Exchange Ltd.

IS Bent Street, SydrTry. Telephone: 221-205S. Telex: 20-298. Telegram! A "TURQUINO" and "AWAAM" Sydney. Brinrtiee at Cairae, Q.

and Hong Konj to respond to the Government's priming, and there are areas operating well below capacity. Thus we are unlikely to see the economy in full bloom by the spring which suggests that there will be further priming of the economy in the August Budget. The state of the world economy, too, will impinge HOW TO INVEST. Applications can only accepted on the form attached to, end referred to in the Prospectus obtainable from: THE BANK OF N.S.W. STOCK EXCHANGE OUR STATE OFFICES SYDNEY: Cambridge House, 52-58 Clarence St.

2000 290 1577 CAMBRIDGE CREDIT CORPORATION LIMITED Cambridge House, 52-58 Clarence Street, Sydney 2000 Please send me, without obligation, a copy of your Prospectus. MR.MRS.MISS ADDRESS McNALL AND HORDERN ESTABLISHED 1911 Arthur K. Hordern, 'John A. Limbic, A.C.A. Brenton Arnott-Smlth, B.A.

(Com.) 'Members of The Sydney Stock Exchange Limited 109 Pitt St, Svdney. 2S 1071, 21 4614. Telex: 2 0385. Cablea "MONODY" Sydney. merely swelling the country's reserves without being converted into goods and services, then it will create a pool of liquidity which could nullify future fiscal policies the Government may formulate.

Higher interest rates, for instance, designed to damp down the economy would only attract more funds into the country. Of course, there are benefits to the Australian economy from the inflow but It is open to debate whether or not Australia is gent measures need to be taken and policies clarified but it would appear that there is little chance of this happening before the election issue is resolved. There is need for the Government to clarify its position on overseas investment and the takeover of Australian companies from abroad. The massive capital inflow into Australia needs to be identified and an assessment made of the value of it to the Australian economy. If, as seems likely, it is taking full advantage of it.

Part of the Liberal and Country Party coalition's strategy in the run-up to the election will be to show that the economy is going ahead and any move to curtail this inflow does not make political sense at the present time. This suggests that the rate of inflation in the short term is unlikely to fall, which, if to be of benefit to shares prices, will need to be accompanied by expanding output. The economy is taking longer than expected ment is a real one and enough to unnerve many stock market investors. Most of Labor's policies would adversely affect the stock market and life under Labor is not likely to be easy. A tribunal to control prices could set a ceiling on profit margins of the companies affected; a graduated tax system would mitigale against large companies, which are the ones usually quoted on the exchanges, and against "pace-setter" companies.

These are some of the unpalatable measures that a Labor Government may introduce. But the prospect of the Federal election is overshadowing the market in more ways than one. There are areas where ur By a staff writer One would need more than the usual measure of clairvoyance to predict with any accuracy the performance of the stock market over the next few months. Speculation over the outcome of the Federal election, which will take place shortly, injects an air of uncertainty into any investment situation. The prospect of tha Australian Labor Party forming the next Govern on the level of stock prices in Australia.

The United States economy is slowly responding to measures Continued page 12 CHARLES J. NEGRINE CO. Members of The Sydney Stock Exchange Limited 151-153 Macquarle Street, Sydney, 2000 Telephones: 241 1631,241 1625. Correspondence: Box 4215. G.P.O., Sydney Telegrams and Cables: "RINEGEN Sydney LIONEL A.

McFADYEN CO A. Mil advm, F. Antony Pratten, Derek M. Cahky Member of The Sydney Slock Exchange Level 7 Kindmlcy House, 20 O'Connell Street, Sydney, Culhbertsnn Street, Tort Moresby, and William Court, William Street, (iosford. Telephones: 28 8248, 25 6071 (3 lines).

Cables Telegrams: "VOORAMI" Sydney. CHARLES H. SMITH CO. STOCK AND SHARE BROKERS MEMBERS OF THE SYDNEY STOCK EXCHANGE LTD. 20 O'Connell Slreet, Sydney, 2000 Telephones: 25 290456, 25 2984 S5, 28 3350 Telegraphic and Cable Address: "STARFISH" Valuers quiet men of property boom BERNARD CURRAN, McHUGH CO.

STOCK SHARE BROKERS 'Bernard Currn, 'James McHuh, 'Charles Currin LL.B., A.A.S.A. Warwick Hilcroft. Thomas Kennedy, Gordon Lovett, Gerald Hay 'Members of the Sydney Slock Exchange Limited Bank or Adelaide Building, George and lAargarel Streets, Sydney, NSW 2000 Telephone 2 0252 Telegrams and Cables: "Berncurran," Syd 10 3-10 years years 1 9 p.a. year 4 months Y2 70 2 A. I rn p.a.

ouuayuan oo (min. term 3 mths.) wf'v lit jI fm! 1 QUEENSLAND MORTGAGE FINANCE LIMITED 1 Suite 2, First Floor, Southport Permanent Cnr. Nerang Scarborough Southport. Old. O.

Box Southport, Old. I murifc ja Pleas forward without obligation copy of prospectus. Name By a specia tion was NSW in 1916. These have been around ever since. The CIV was in Valuers are increasingly participating in property development from concept to leasing.

A member of the Commonwealth Institute of Valuers appraised the Rocks project for the Sydney Cove Redevelopment Authority. Part of the project is shown above. Address SMH 17772 corporated in 1927 and STOCKS ANEXBVNDING COMPANY KEEPING RACE WITH AN AWVKENING GIANT As Australia's growth moves in to the 70's Stocks Holdings has expanded to meet the challenge. With further regional shopping centre construction and increased home unit, housing and commercial development in Sydney and other capital cities Stock Holdings is keeping pace with Australia's expansion. since then has operated mainly in the areas of education, publishing, establishing and super vising ethical standards and creating standard fee scales.

The new scales for NSW have recently been announced. From 1936 to 1966 the institute conducted its own correspondent In the overall Australian property picture one set of individuals has played a major role, but received little notice. These individuals are the valuers who advise corporate property investors when beginning developments and tailor the development itself. The valuer, as property consultant, can radically influence earnings and profitability of a project. Frequently it is his feasibility studies and contacts which attract big local and foreign money into development.

It was once not common for the valuer to be considered the most important member of a real estate development team. education program before handing this over to State Education Departments. All States will be on standard diploma courses by next year. The course takes from four to six years to complete and covers all as pects of property valuation and land use. In NSW E2S STOCKS HOLDINGS LIMITED 175-183 Castlereagh Street, Sydney whole scheme: most major developments in recent years have involved the skill of qualified valuers in their role as real estate consultants: many large property corporations have valuers in the top positions.

The Commonwealth Institute of Valuers has been largely responsible for the lift in professionalism, ethics and overall quality of valuation work in Australia. Current membership of the CIV stands at 3,225, including 1,220 student members. This is a 64 per cent increase on 1962. Most people have secondary contacts with valuers. All property owners know of their presence when the Valuer-General's Department valuers revalue properties every few years for local government rating purposes.

Valuations for mortgage purposes are also familiar to most home owners. there were 886 students last year compared with 112 in 1966. A past president of the institute and recently INTERESTED IN REAL ESTATE retired Commonwealth Kudos usually went to the most visible members the development company and its architects. This situation is changing in Australia. The valuer is rapidly being seen more as the real property expert whose advice and skills must be employed on all stages of a project from conception to leasing and management of the finished development.

This is the situation with the local valuer's counterpart in the US and Britain, the appraiser and surveyor respectively There are three main reasons for this. These are the heavy inflow of overseas investment and local institutional money into property: the establishment of local property consulting partnerships by overseas groups along with the growth of local firms of long standing; and the expansion and recent international recognition of the Australian valuers' professional body, the Commonwealth Institute of Valuers. Numerous examples illustrate the acceptance and use of the valuer as an important member of any property team. The Sydney Cove Redevelopment Authority looked at a large number of firms and individual consultants before retaining a member of the Commonwealth Institute of Valuers to appraise the Chief Valuer, Mr Charles Fletcher, is playing a big part in valuer training in New Guinea. Currently there are 30 indigenous students in New Guinea and the first three associates have been admitted to the Queensland divisiou where they are undergoing six months' intensive practical training.

The major employers of valuers are Government and statutory authorities working on rating, various types of taxation, acquisitions and resumptions for public purposes, and lend ing bodies. Income of The business of valuation first took shape in Australia in 1911 with the introduction of Federal land tax. Premiers decided this was rightly the business (and revenue) of States so each State established valuation departments. The first to func- valuers is on the Commonwealth award ranging from $5,435 to $9,285. A good valuer in a good pri i Tfci -m in a Commonwealth Institute of Valuers (Inc.) Provides experienced and qualified experts to advls on all aspects relating to valuation and development of real estate.

list of seal of charges, publications and information for the. guidance of solicitors, business executives and other may be obtained from the Registrar of thi Institute: 152 Clarence Street, Sydney, NSW, Phone 29 3900. A recently published book is now available at $10 p'us Delivery 50c. "Land Valuation and Compensation in Australia" by R. O.

Rost, FCIV, and H.G.Collins, FCIV. The following other Institute publications ore alio ovailoblei Principles Practice of Valuation Valuation Practice Law Affecting Land Valuation Rural Land Utilisation The Valuer. vate practice appears to be limited in income only by First Charge Debenture Stock for 8-10 years Interest paid quarterly on 31st March, 30th June, 30th September, 31st December. LONG TERM 8-10 YEARS 8 p.a. 5-7 YEARS 7 p.a.

4 YEARS 7V4 p.a. 3 YEARS 7'4 p.a. 2 YEARS 7 p.a. SHORT TERM 12 MONTHS 6Vi p.a. 9 MONTHS 6 p.a.

6 MONTHS 5Vj p.a. 3 MONTHS 5Vi p.a. Prospectus and application form available from: All branches of the A.N.Z. Bank All members of the Stock Exchange All branches of I. A C.

First National City Bank economic conditions and Debenture StocK (second ranking) for 5-7 years (Ranking for payment of principal and interest after First Charge Debenture Stock) Interest paid half-yearly on 28th February, 31st August. LONG TERM 5-7 YEARS 8 p.a. 4 YEARS 7 p.a. 3 YEARS 712 p.a. 2 YEARS 7Vt p.a.

SHORT TERM 12 MONTHS 6 p.a. 9 MONTHS 6 p.a. 6 MONTHS 6 p.a. 3 MONTHS 5V2 p.a. Applications will proceed only on one of the forms of application attached to a printed copy of th Prospectus.

Paid up capital $32,536,000 the quality of the practice Admission to the CIV after completing the diploma is four years' practical HORDERN UTZ BODE Members of The Sydnev Stock Exchange Lid. 15-19 BENT STREET, SYDNEV Telephone 221 2922 CABLES TELEGRAMS: "BODEANDL'TZ," SYDNEY. experience ana an oral exam. Oral exams are an important part of the practice because valuers are frequently called as expert witnesses in court case representative officer from the Supreme Court to the various appeals ASK A.N.Z. FOR DETAILS Industrial Acceptance Corporation Limited I.A.C.

Building. Cnr. Carrlngton Wynyatd Sydney, 2000. Phont: 2 0250. M.

H. WOOD, Investment Manager, ranches at Sydney, Bflnkstown. Blarktnwn, Orthor. pe ymy, Gos'o'd, Hcn-bj hursivuie, Liverpool, Newcastle, OrinBe, Parramatta, Penrith, Ryde, Tamworth, Wagga Wagga, Wollongong. E519 CONSTABLE BAIN Members tf The Sydney Stock Exchange Limited.

10 Council itreet. Sydney. Phone: 2 0354. 44 Market Street, Melbourne. Pbonei 62 4031.

Branches at: Mora, N.S.W. and London ooaras. In publishing, the institute has issued quarterly 'The Valuer" since 1930. which concentrates on legal decisions and land utilisation. 1 -v.

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