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Tuesday, 11 September 1973
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Mr CREAN - At least the Deputy Leader of the Opposition has dug up a more recent statement than his leader did. I did advise shareholders on 30 August to hold their shares. But I did not mean for 10 minutes or 10 days; I meant for a more sensible period such as at least 10 months. I repeat my advice: Still hold them, because the future of this country is good. I would like to ask the honourable members who score so many points in this way: Were they concerned when shares in Broken Hill Pty Co. Ltd stood at something like $22 to $24? What was the rip-off in share values in the last several years that brought that particular security down from $22 to about $7? BHP is a better investment than the most recent selling prices would indicate. I talked the other day with the management of BHP. I take the opportunity of talking with any groups of that kind. They indicated that they were a little concerned when the shares were as high as $24. They are equally as concerned now that the shares are as low as they are, and so they should be. I pay this tribute to BHP: I always have been an admirer of it despite what some honourable members opposite may think. I think it is an example of a monopoly that has not always used its monopoly power in the way that theoetically one might suppose it could use that power. I would say to those people who are selling those sorts of shares at this low value: Hang on to them because they will appreciate.







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