Wieneke Archive Book 4h : Art Sales Presscuttings

M ndu- lures per rgely the A an 1976, there the ar. pres- take 1ially yet ket. mber for per f the CES r by ill of Ise of come ripen pacia- d be by Mr ed to to all !tate- help 'Won more mem- from tiler is mat to Ic ac- tion. there Tedrta- oother 'en up i," he at the :Subtly It is and thou- anem- 'Mous Fraser comic is for es for ra ago wor- saying ' will May." ry tin- t put - I show if this ra will unem- Trading A. master of the breach art of finding costs cab firm hidden fortunes $3000 A SYDNEY taxi company, Legion Cabs (Trading) Co- operative Society Ltd, was fioe'..1 $3000 in the Federal Court on Friday for a breach of the Trade Prac- tices Act, In his judgment Mr Justice Frank! said a breach of the Act's exclusive dealing section carried a maximum penalty of $250,000 "In considering the question of a penalty I was attracted in Malty to the idea that I ought to treat this as a test case," he said. "However, I have come to the conclusion that this is not ap- propriate." Mr Justice Franki said that in the circumstances he felt Ile should impose the relatively light penalty of $3000. The court was told that -le company required its drive to receive a quota of Shell petrol from nominated outlets. This followed an agreer. T giving Legion fuel rebates. SACKED The Trade Practices Commis- sion alleged that any driver who did not acquire petrol from the 30 specified stations was subject to an Increased radio fee and the threat of being sacked. The hearing was told that Legion expected to pay fdr $730,000 worth of new radio equipment from rebates from the sale of petrol. In its defence the company denied telling its members to buy petrol from a "second per- son." It said transactions with members were not in trade or commerce. Finding against the company, Mr Juscice Franki said Legion "was - and 'still is - greatly concerned with preserving the rebate system." Evidence had been given that the loss of $300,000 a year from rebates "would cause immense problems, to the point of vol- untary liquidation." The judge said Legion had acted quite openly, freely dis- closing to the Trade Practices Commission 'and to a federal and State minister what it had done. ies hit by e' crash JOHNSTON Richardson, 12, of North Arm, were to a serious condition in Royal Brisbane Hospital on Friday night, and Andrew Walker, 10, was seriously ill in Nambour Hospital. John and Andrew are Mrs Walker's sons. Killed in the third car was the driver, Francis Walter Lee, 61, of Belli. His wife Anne was seriously ill in the Royal Brisbane Hospital on Friday night. Superintendent W. P. Osborne, of Nambour, said on Friday. Mrs Whit- field was driving south on a long straight stretch of road in clear weather when her vehicle crossed a small bridge then saidded to the wrong side of the rot for no apparent reason. Her vehicle broscisided into the two other vehicles, which were travelling north. "The result was a nightmare," Super- intendent Osborne seitd. By LYNDALL CRISP is the best country in world Li which to acquire a painting by an old master because "Austra- lians know more about cars than art," according to Dr Matthew Moss. Dr Moss, who is rated one of the world's top 10 restorers or paintings, said on Friday: "I could weep when I think of the hidden fortune decaying in at- tics. "People think because a painting has a hole in it It's worthless. Even auctioneers won't touch them so they get thrown Into a rubbish bin. Lots of old masters get destroyed that way. "Never be embarrassed to Lake a painting to a public gallery for valuation." Recently a young Melbourne couple brought him a painting theyq'd bought for $80 at a church demolition auction. "At first I though it was a 19th -century copy of the Vene- tian school," he said. "I started to clean off the restoration work and gradually took it back to 1500. It Is by Leandro Bassano and is now insured for $25,000. "Last week the same couple brought me another painting they'd just bought for $8600 it's from the same school. "An elderly woman brought me a painting she was about to throw away - it was a John Hoppner, worth about $5000. "There is no question that there are many priceless paint- ings in Australia. You can pick one up for $200, take it to Europe and sell it the next day for $1000." DA VINCI Dr Moss studied at the Cen- tral Institute of Restoration in Rome which accepts only two students a year. There he worked on paintings by Ra- phael, Leonardo da Vinci and Michelangelo. He later studied at the Insti- tute Royale in Brussels and has worked at the British Museum. the Tate Gallery, the National Gallery of Ireland and on the Queen's private collection. He specialises in restoring oils by old masters from the 13th to 19th centuries. The Victorian Government brought him to Australia on a one-year contract to set up a conservatorium for the restora- tion of paintings in public col- lections and also to check out private collections. The contract was extended to two years and in that time Dr Moss has restored some 40 or 50 paintings. "The condition of paintings in some public collections is deplorable," he said. "It Is like a leaking tap - tens and tens of millions of dollars is draining away each year through decay. People are hesitant to spend money on col- lections, yet they are losing a vast wealth. "It makes me very sad. The problem is there are not enough restorers here. The Government should offer scholarships for people to study overseas and then pay them generous salaries to stay here. "The curators and directors of some galleries In Victoria have at tempted to restore the paint- ings themselves - they are just not qualified. "They skin the paintings and once that's done you can forget it; they're vandalised. I can't put the artist's work back. I can only restore and preserve." Dr Moss set up his conser- vatorium in the original gold - m i n e stock exchange in Ballarat, which was abandoned in 1910. "I have no complaints about my contract," he said. "Perhaps I am prejudiced because my wife is Australian but I find the people very easy to get on with. "Everything I've asked for in the way of materials, equipment and laboratories I've been given. I could only be happier if I could train some Australians in my field. "I was going to stay here only a short time but I got involved. Now I feel guilty because I must fulfil a contract with the Italian Government in March. But I'll be back" Deficit tops target in five months financial year, the Federal Gov- ernment's deficit is already more than $680 million over the target for the whole year. Thr deficit now stands at 93493 9 minion, compared with the target of $2812.5 million. And despite the extra personal tax slug being collected for a full month, net personal taxation so far this year is below last year's level. The Government has collected $3547.2 million in personal tax so far this year, compared with $3658.7 million last year. But the figures do not mean the Budget strategy is complete- ly off the rails. The figures were released on Friday by the Minister for Fin- ance, Mr Robinson, who said outlays by the Government were $12,102 million so far this year - $10.3 million higher than last year. He said that as the effects of special factors and the changes In the pattern of outlays and receipts wear off the deficit will move back toward the Budget estimate. Z4Z, Pilot's ordeal THE pilot of a light aircr who hacked his way oat of cockpit just before his ph plunged into the Mediterran Sea on Thursday is rtcover; in a Greek hospital. The aircraft, er, route to Br aM from Australia, craal after hitting a flock of scalp By STEVEN \A'ARBY near Corfu Airport, giving chael Woodley, of Woking, Ei land, no time to bail Lut 'r d AFTER only five months of the a lifejacket. lie kept afloat for an hour stormy seas until a fishing b reached him. He is reported to he slit e from pneumonia, Care bruising and the effects of se i lowing petrol and sea water. The other pilot, Peter Snood of Sydney, managed to bale "t and was unhurt. Mystery blondE POLICE are searching for mysterious blonde woman lowing the discovery on Frios of the body of a sales executiv in the Blue Mountains rtes Sydney. The dead man, Mr Kevin F cotter, 37, was found near I toomba with a bullet wound . the head. The blonde woman was s driving his car soon after a vanished 10 months ago. Mail strike mov A THREATENED Christii stoppage by mail drivers is to , before the Arbitration Comm sion, Australia Post said on F day. V.L.a_Naal Poa-sara\ - ' ri 7F Median ley Market Weekly SECOND ISSUE NOW AVAILABLE COVERS: MONEY MARKET ECONOMICS: An increasing number of both Australian and foreign corporations are initiating refinancing trom the Euro dollar market into the Australian money miirket. Cor- porate money managers must weigh up the prospects and implication. of a further devaluation of the SUS. MONEY SUPPLY: The rate of growth of M3 for October fell to 10 pe- cent on an annual basis. While this is hi. aded in the right direction, little signif cance can be attached to the reduction. BALANCE OF PAYMENTS: It is clear that the large current account deficit is continuing, wish reports from banking sources indiating a steady loss on the internmonal exchanges. HoWever uncer- tainty in the forward markets of both the $US and Sterling will work to slow down the repatriation of any cost conscious capital from Australia. INVESTMENT SERVICE Commonwealth Government Securities: Several large sales of short end bonds last week indicate caution in the fixed interest markets. Dealings show apprehension of the money market squalls possible in 1979. Semi -Government Securities and Debentures of Statutory Corporations: Continued uncertainty over the next six months could possibly force some public and local government authorities into shorter term paper at higher rates. Mean while there are opportunities in the secondary market. Bank Bills of Exchange and Negotiable Certificates of Deposit: Bank bill and CD rates cannot fall further unless yields on treasury notes are reduced. Only a small reduction in the rate is likely in the very short term. Prime Commercial Bills and Promissory Notes: Corporate investors should pur- chase 90 or 120 -day maturities rather than 180 -day maturities. DEPOSIT RATES: With the whole of the money market beginning to emphasise liquidity in purchases of money market instruments, call money rates will fall to low levels throughout December and January. Expectations: un-official market deposits; unsecured inter -company deposits. INTERNATIONAL MONEY MARKETS: With US inflation in September at 8.3 per cent, and continuing strong growth in the money supply above official targets, the stage is set for still further rises in the rate of inflation during 1979. This prospect is the main reason behind the underlying nervousness to the SUS. "Our chief aim is to provide the financial executive with a weekly summary of what is happening in the Australian Money Markets" - Publisher. rOR JUST S3 a week ... You will be kept informed on trends in the money markets. Each weekly news- letter maintains this format, and spread of detailed information and recommen- dations. It will he expanded. SUBSCRIBE NOW ... 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